Union Pacific (NYSE:UNP) Bulk Carloads declined from around 2.1 million in 2019 to about 1.9 million in 2020. Trefis expects the metric to recover to about 2 million in 2021 and rise to about 2.06 million in 2022.
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While Bulk Carloads fell in 2020 due to the impact of the Covid-19 pandemic, we expect to see a rebound, driven by rising economic activity and strong demand following the easing of Covid-19 lockdowns.
We think the recovery in demand is more or less priced into UNP stock. We value UNP at about $262 per share, about 6% ahead of the current market price.
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|S&P 500 Return||-1%||-1%||111%|
|Trefis MS Portfolio Return||-5%||-5%||274%|
 Month-to-date and year-to-date as of 1/13/2022
 Cumulative total returns since the end of 2016