JPMorgan upgraded this stock that Cramer called a ‘nightmare’

Shares of Union Pacific Corporation (NYSE: UNP) have recovered 10% to $216 since the start of the month. But JPMorgan Chase says it is still not too late to ride the impending rally.

Analyst Brian Ossenbeck raises price target to $247

In a note on Friday, JPMorgan’s Brian Ossenbeck upgraded the stock to “overweight” and raised his price target to $247 that represents a 15% upside from here. Previously, the analyst had a PT of $234 on UNP.

On the flip side, however, Jim Cramer has not had a good experience owning Union Pacific shares so far. In his investment club letter, the Mad Money host said:

Cerity Partners’ Lebenthal agrees with the bullish call

On CNBC’s “Halftime Report”, Cerity Partners’ Jim Lebenthal agreed with JPMorgan’s thesis that things had “materially improved” for Union Pacific in September. He said:

JPMorgan’s price target on UNP closely matches peers Wells Fargo and Citigroup at $246 and $245, respectively. The Nebraska-based company is scheduled to report its Q3 earnings on October 21^st.