Norfolk Southern Corporation- NSC- Can 3Q be a Breakout Q for NSC? There is potential for $450M in sequentially higher revenue to be met with only $70M in sequentially higher costs, equating to mid-80% incremental margin (sequentially), low 60% OR (+400bps yoy), and EPS well above current consensus but remain cautiously optimistic – HOLD- Deutsche Bank Research, July 29, 2020