On July 23, Union Pacific rose 3.08% in pre-market trading, trading at $304.41/share, with turnover of $2.3692 million. The rally was driven by the company's Q2 earnings report, which exceeded market expectations on all key metrics while management raised full-year guidance.

Specifically, Union Pacific reported Q2 adjusted earnings of $3.41 per diluted share, up 12.54% year-over-year, beating the analyst consensus estimate of $3.24 by 5.25%. Operating revenue came in at $6.86 billion, representing 11.5% year-over-year growth and surpassing the $6.71 billion estimate. Freight revenue reached $6.52 billion, also exceeding the $6.35 billion consensus. The company raised its full-year EPS growth outlook to high-single digit from prior guidance. Following the release, BofA Securities lifted its price target on Union Pacific to $334 from $301, maintaining an overweight rating. The stock carries an average analyst rating of overweight with a mean price target of $309.61.

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