Remember, W.S. analysts are looking for stocks that will go up faster (or go down less, in a bear market) than the industry they're in overall, and preferable faster up (or slower down) than the market as a whole. That's called growth. It's a rare commodity in the market right now, and railroads in general have not been growth stocks - more like "value" as in the sense that they generate income to justify what the market values them at (or, even better, that the market undervalues them so there's some potential upside). If UP keeps paying dividends, they'll stay a "value" stock but I just don't see them breaking into the "growth" game. The Apples and Facebooks of the world were "growth" for a long time, but seem to be having difficulty now that the company has to show some fundamentals to back up the market value.