Shares of Union Pacific Corp. rose 1.1% in premarket trading Friday, after J.P. Morgan analyst Brian Ossenbeck turned bullish as valuation has become attractive following the recent pullback and as network operations have stabilized. Ossenbeck raised his rating to overweight from neutral and boosted his stock price target to t$247 from $234. He said that while U.S. rails have had a “rough” two months, given disappointing volumes, labor concerns and potential for higher taxes, he sees “some light at the end of the tunnel for the group at a time investor sentiment remains cautious. For Union Pacific, Ossenbeck said the West Coast ports remain congested, “but we have seen rail dwell time in [Los Angeles] materially improve over the last month.” And if the company cuts 2021 volume guidance when it reports third-quarter results on Oct. 21, expectations have already fallen enough that investors won’t be surprised. The stock has shed 3.0% over the past three months through Thursday, while the Dow Jones Transportation Average has ticked up 0.2% and the Dow Jones Industrial Average has gained 1.0%.