- Union Pacific (UNP): New Merger Analysis Points To Bigger Supply Chain Ambitions
May 12, 2026
With an upside potential of 12.18%, Union Pacific Corporation (NYSE:UNP) is among the Best Transport Infrastructure Stocks to Buy for 2026.
On April 30, Union Pacific Corporation (NYSE:UNP) and Norfolk Southern Corporation submitted an amended merger application to the Surface Transportation Board (STB), seeking approval to establish America’s first transcontinental railroad. Additional analysis indicates that the proposed combination is expected to drive growth, generate meaningful cost efficiencies for shippers, and enhance the resilience of the U.S. supply chain. Union Pacific CEO Jim Vena stated that, following the additional work requested by the STB, the findings reaffirm that the merger would strengthen competition and deliver tangible public benefits. The analysis incorporates comprehensive systemwide traffic data from all Class I railroads, highlighting expanded opportunities for the combined entity to scale operations and improve competitiveness.
On April 24, Citigroup raised its price target on Union Pacific Corporation (NYSE:UNP) to $307 from $285 while maintaining a Buy rating, citing record performance across multiple efficiency metrics in the company’s Q1 results. The same day, JPMorgan Chase & Co. increased its price target to $275 from $267 and maintained a Neutral rating. The analyst commentary highlights strong operational execution, with improvements in efficiency serving as a key driver of performance.
Union Pacific Corporation (NYSE:UNP) was founded in 1862 and is headquartered in Omaha, Nebraska. As a freight transportation company, it is a critical component of U.S. transportation infrastructure; Union Pacific connects 23 states across the western two-thirds of the country to transport agricultural products, chemicals, coal, and consumer goods.
The proposed transcontinental merger has the potential to unlock long-term growth synergies while strengthening UNP’s competitive positioning within a highly consolidated industry. Coupled with strong operational efficiency and positive analyst sentiment, the company appears well-positioned to deliver sustained earnings growth and improved shareholder returns.
While we acknowledge the potential of UNP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 7 Best Machine Learning Stocks to Buy According to Short Sellers and 10 Under-the-Radar Stocks That Are On Fire Right Now.
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- Norfolk Southern to present at Wolfe Research 19th Annual Global Transportation & Industrials Conference
May 12, 2026
ATLANTA, May 12, 2026 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) President and CEO Mark George and Executive Vice President and Chief Financial Officer Jason Zampi will present at the Wolfe Research 19th Annual Global Transportation & Industrials Conference. Details on how to listen to the discussion are below.Norfolk Southern Corporation Logo (PRNewsfoto/Norfolk Southern Corporation)
What: Wolfe Research 19th Annual Global Transportation & Industrials Conference
When: Tuesday, May 19, 2026, at 12:50 p.m. ET
Where:Via Webcast
The presentation will be posted at norfolksouthern.com on the Investors page.
About Norfolk Southern Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.Cision
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- Norfolk Southern to present at Wolfe Research 19th Annual Global Transportation & Industrials Conference
May 12, 2026 · prnewswire.com
ATLANTA, May 12, 2026 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) President and CEO Mark George and Executive Vice President and Chief Financial Officer Jason Zampi will present at the Wolfe Research 19th Annual Global Transportation & Industrials Conference. Details on how to listen to the discussion are below.
- NORFOLK SOUTHERN TO PRESENT AT WOLFE RESEARCH 19TH ANNUAL GLOBAL TRANSPORTATION & INDUSTRIALS CONFERENCE
May 12, 2026
ATLANTA, MAY 12, 2026 /PRNEWSWIRE/ -- NORFOLK SOUTHERN CORPORATION (NYSE: NSC) PRESIDENT AND CEO MARK GEORGE AND EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER JASON ZAMPI WILL PRESENT AT THE WOLFE RESEARCH 19TH ANNUAL GLOBAL TRANSPORTATION & INDUSTRIALS CONFERENCE. DETAILS ON HOW TO LISTEN TO THE DISCUSSION ARE BELOW.
- Norfolk Southern Corporation (NSC) Presents at Bank of America 33rd Annual Industrials, Transportation and Airlines Key Leaders Conference Transcript
May 12, 2026 · seekingalpha.com
Norfolk Southern Corporation (NSC) Presents at Bank of America 33rd Annual Industrials, Transportation and Airlines Key Leaders Conference Transcript
- CN: STB should reject ‘incomplete’ UP-NS merger application
May 11, 2026
Canadian National urged the U.S. Surface Transportation Board to reject the amended merger application by Union Pacific and Norfolk Southern, claiming it still fails to meet the regulator’s requirements.
Montreal-based CN (NYSE: CNI) in a filing Monday said the application “continues to omit required information regulators and stakeholders need to meaningfully assess the competitive and operational impacts of this major proposed merger.”
The STB in January rejected the initial application from UP (NYSE: UNP) and NS (NYSE: NSC) for missing information on, among other elements, forward-looking market share data; details that would allow UP to walk away from the deal; and specifics on control of a terminal railway in St. Louis that interchanges traffic between railroads.
CN said the revised application addressed only one deficiency by providing the complete merger agreement.
“Applicants still have not offered meaningful competitive enhancements, falling far short of the STB’s higher burden for Class I mergers to enhance competition and meet the public interest standard,” CN said.
The filing also lacks complete competition analyses and market share information, and instances where rail service to shippers would shrink from two Class I options to one, or from three to two. Also, it noted the absence of analyses of downstream competitive impacts from future potential rail consolidation.
CN criticized the proposed Committed Gateway Pricing (CGP) program, which it termed the sole alleged enhancement to competition, calling it a “temporary” and “highly limited” program that applies to less than 1% of U.S. rail traffic.
“CGP excludes major categories of traffic including finished vehicles, intermodal shipments, unit trains, and all customers currently served by CN, CPKC (NYSE: CP), and most short lines,” CN said. According to UP and NS, it claimed, “CGP will actually harm many shippers. Importantly, many shippers would face increases in rail shipping costs due to the CGP program, as shown in the state maps submitted with CN’s comments.
“Rather than provide the required competition analyses, they recycled the same flawed approach the board already rejected,” said Olivier Chouc, CN executive vice-president and chief legal officer, in a release. “Rather than submit the required Terminal Railroad Association of St. Louis application, they deleted their prior filing and offered a vague promise in its place. And rather than propose real competitive enhancements, they doubled down on a pricing program that will harm more shippers than it helps as shown by their own expert’s study.
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“This is not a serious effort to comply with the Board’s requirements – it is a disregard for the process and for the stakeholders who depend on it.”
The company said it expects the STB to conduct a thorough and fair review.
“CN remains confident the board will hold applicants to the standards required by the board’s regulations and to reject this incomplete application.”
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The post CN: STB should reject ‘incomplete’ UP-NS merger application appeared first on FreightWaves.
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- CN Rail Urges STB to Reject Proposed Union Pacific, Northern Southern Amended Merger Application
May 11, 2026
Canadian National Rail (CNR.TO), down 1.2% on last look, is urging the Surface Transportation Board
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- CN Submits Comments to STB on Completeness of UP-NS Amended Merger Application
May 11, 2026
Canadian National Railway Company
MONTREAL, May 11, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) filed comments with the Surface Transportation Board (STB) demonstrating that the amended merger application submitted by Union Pacific (UP) and Norfolk Southern (NS) still fails to meet the Board’s requirements and thus remains incomplete. CN is urging the Board to reject the amended application.
CN’s filing shows that the amended application continues to omit required information regulators and stakeholders need to meaningfully assess the competitive and operational impacts of this major proposed merger. Of the three independent deficiencies the Board identified in rejecting Applicants’ first application in January 2026, the amended application meaningfully addresses only one — providing the complete Merger Agreement — while failing to remedy the other two. Applicants still have not offered meaningful competitive enhancements, falling far short of the STB’s higher burden for Class I mergers to enhance competition and meet the public interest standard.
More specifically, the Amended Application still fails to provide:
Complete competition analyses required by STB regulations; Consistent market share information across the Amended Application; Accurate identification of points that would go from two Class I options to one, or from three Class I options to two; Analyses of downstream competitive impacts from future potential rail consolidation; and A significant transaction application for control of the Terminal Railroad Association of St. Louis (TRRA).
Finally, CN highlighted the insufficiency of the Applicants’ proposed Committed Gateway Pricing (CGP) program — the sole alleged enhancement to competition. This temporary and highly limited program applies to less than one percent of U.S. rail traffic. CGP excludes major categories of traffic, including finished vehicles, intermodal shipments, unit trains, and all customers currently served by CN, CPKC, and most short lines. According to Applicants’ own expert and modeling, CGP will actually harm many shippers. Importantly, many shippers would face increases in rail shipping costs due to the CGP program, as shown in the state maps submitted with CN’s comments.
“In January, the Board gave Applicants a clear roadmap: fix three specific deficiencies and take the opportunity to improve your application. Instead of doing the work, Applicants addressed only one of three — and ignored the Board’s invitation to meaningfully improve their application altogether. Rather than provide the required competition analyses, they recycled the same flawed approach the Board already rejected. Rather than submit the required TRRA application, they deleted their prior filing and offered a vague promise in its place. And rather than propose real competitive enhancements, they doubled down on a pricing program that will harm more shippers than it helps as shown by their own expert’s study. This is not a serious effort to comply with the Board’s requirements — it is a disregard for the process and for the stakeholders who depend on it.”
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— Olivier Chouc, Executive Vice-President and Chief Legal Officer, CN
CN appreciates the STB’s commitment to conduct a thorough and fair review in this proceeding to protect rail competition, support affordable transportation options for shippers, and strengthen the resiliency of North American supply chains. CN remains confident the Board will hold Applicants to the standards required by the Board’s regulations and to reject this incomplete application.
CN Forward-Looking Statements
Certain statements by CN included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
Contacts:
Media Investment Community Ashley Michnowski Jamie Lockwood Senior Manager Vice-President Media Relations Investor Relations & Special Projects (438) 455-3692
media@cn.ca (514) 399-0052
investor.relations@cn.ca
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- CP Rail Reiterates Union Pacific, Norfolk Southern, Merger "Unnecessary", Does Not Meet STB Benchmark
May 11, 2026
Canadian Pacific Kansas City (CP.TO), down 1.3% in U.S. pre-market trading, said Monday that the ref
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- CPKC CEO Keith Creel statement on UP-NS merger application refiling
May 11, 2026
CALGARY, AB, May 11, 2026 /CNW/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) President and Chief Executive Officer Keith Creel today issued the following statement regarding the merger application refiled by Union Pacific (UP) and Norfolk Southern (NS) with the Surface Transportation Board (STB) on April30, 2026:
Having taken nearly four months to refile their application, longer than it took for them to prepare the initial filing, UP and NS' new application doesn't change the underlying reality that this mega-merger is unnecessary and falls well short of meeting the high benchmark set out in the STB's updated 2001 major merger rules. A combined UP-NS could place nearly 50percent of U.S. freight rail traffic in the hands of a single company that already has a troubled history, some very recent, of abusing market power to the detriment of American businesses and workers. None of this serves the public interest. None of this serves the interests of shippers. All of it puts our supply chains and economy at needless risk.
On Friday, May 8, 2026, CPKC filed comments addressing the completeness of the revised application. In those comments, we address why it does not appear that UP and NS have met the specific STB requirements to submit a detailed market impact analysis based on their projected future shares of rail traffic flows for key commodities and corridors. This has left us asking, did UP overlook this specific instruction from the STB? If not, does UP have something to hide? One thing is certain: This is emblematic of UP continuing to have its own interpretation of rules and STB orders, and of how those apply to UP.
We are confident that, if the STB accepts the refiled application, it will conduct a vigorous assessment and regulatory review. CPKC encourages every rail customer to get involved. File a notice of intent to participate. All stakeholders must carefully consider what is being proposed here and fully participate in this process. If rail customers, and other stakeholders, don't provide their perspectives on this irreversible decision, those perspectives will never be heard.
About CPKC With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR
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