We believe UNP will likely make a bid for NSC, and we view the risk/reward to the upside given where NSC shares are currently trading ($276.66 as of close 7/18). Following the unsubstantiated WSJ ...

CSX Corporation is rated Hold due to operational improvements but persistent macro headwinds limiting near-term upside. CSX's network efficiencies, infrastructure upgrades, and intermodal share gains ...