TD Cowen Raises Union Pacific (UNP) Price Target to $328

On October 23, 2026, TD Cowen reaffirmed its Buy rating on Union Pacific Corporation and raised its price target from $325.00 to $328.00. The research note provides a forward-looking opinion on the railroad operator as shares change hands below the firm's newly projected ceiling. Union Pacific closed at $293.98 on the day of the rating update.

UNP Union Pacific Corporation

$287.87 ▲ +26.01% year to date

1M 3M YTD

Daily close · Oct 21, 2026

TD Cowen's Call on Union Pacific

In its October 23, 2026 research note, TD Cowen kept a Buy rating on Union Pacific while lifting its target price to $328.00 from $325.00. The upward adjustment gives the stock a bit more room according to the firm's projections, even as shares trade below that threshold.

Union Pacific Corporation Stock Up 1.8%

Union Pacific recently traded around $293.04 as of October 23, 2026, down about 0.3% from its $293.98 close on the event date. The stock sits about 1.9% above its 50-day moving average of $287.52 and roughly 9.2% above its 200-day moving average of $268.26. Shares remain about 7.3% below their 52-week high of $315.99 while holding 36.0% above their 52-week low of $215.53.

Recent Earnings

Union Pacific reported trailing-twelve-month revenue of $26,363,000,832.00 alongside trailing earnings of $12.82 per share. The business operates with a net profit margin of 28.9% and a return on equity of 38.7%. The company's price-to-earnings ratio stands at 23.25, with a forward P/E of 20.79. The next earnings report is anticipated on January 26, 2027.

Dividend

Union Pacific pays an annual dividend rate of $5.68 per share, giving it a dividend yield of 1.91%. The company distributes 44.7% of its earnings as dividends.

Analysts Set New Price Targets

Wall Street firms have kept a close eye on the rail operator alongside TD Cowen's move. On October 2, 2026, Susquehanna maintained its Positive rating and lowered its target from $345.00 to $333.00. On October 5, 2026, JP Morgan kept a Neutral rating while trimming its target from $334.00 to $322.00. Citigroup maintained a Buy rating on October 7, 2026, adjusting its target from $349.00 to $338.00. On October 23, 2026, RBC Capital maintained an Outperform rating and raised its target from $326.00 to $335.00. Across the broader analyst community, Union Pacific holds a consensus buy rating with a mean price target of $328.78 based on 23 analyst opinions.

About Union Pacific

Union Pacific Corporation operates through its main subsidiary, Union Pacific Railroad Company, running freight rail transport routes across the western half of the United States. Headquartered in Omaha, Nebraska, the company hauls agricultural products, industrial goods, and consumer items to support supply chains nationwide.

Bottom Line

TD Cowen's revised target reflects steady confidence in the railroad operator as the stock hovers below consensus estimates. Investors will look toward the next earnings release on January 26, 2027, for further updates on traffic volumes and margins.