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Norfolk Southern falls, analyst cuts PT, NTSB suggests safety changes



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Updates prices, adds DJT, transport peer prices

** Shared in Norfolk Southern NSC.N down ~4%on Tues, leading declines in Dow Jones Transport Average index .DJT, down 1.6%;analyst cuts PT while National Transportation Safety Board held a hearing on February 2023 NSC Ohio train derailment

** NTSB makingsweeping recommendations to boost rail safety after derailment that forced residents to temporarily abandon homes after train caught fire, released hazardous materials, pollutants. Last month, NSC agreed to pay millions for civil penalties, govt cleanup costs past and future

** Earlier Tues, WellsFargo cuts price target to $260 from $270 for NSC as it cut its Q2 EPS view

** NSC shares last at $209.56 after falling to lowest level since mid-November, tracking for second straight day of declines, biggest one-day percentage decline since early May

** Other transport companies showing weakness Tuesday were United Parcel Service UPS.N, down ~3%,Union Pacific UNP.N, down 2.7%, CSX Corp CSX.O, off ~2%,Ryder system R.N, down 1.8%, J.B. Hunt JBHT.O off 1.6%

** DJT index was on track to end a three-sessionwinning streak

**YTD shares in NSC down ~11% while DJT is down >5%



Reporting by Abhinav Parmar in Bengaluru

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