JPMorgan analyst Brian Ossenbeck looked at several earnings and valuation scenarios for CSX (CSX) based on implementing a version of Hunter Harrison's turnaround at Canadian Pacific (CP) as well as achieving the company's long term operating ratio target in 2020. His models range from 20%-40% share upside utilizing a market multiple and reach 70% with tax reform. The analyst's review of the CSX bylaws view suggest a formal proposal to nominate Harrison to the board would need to be submitted by the close of business on February 10. Ossenbeck says CSX remains his top rail pick with an Overweight rating and $44 price target.

Raymond James raised the firm's price target on Canadian Pacific Kansas City to C$130 from C$120 and keeps an Outperform rating on the shares. While Q1 was volatile from a weather standpoint, the firm entered Q2 "even more confident in the traffic recovery that emerged late last year" and it remains "demonstrably upbeat on the outlook for both Canadian railroads," the analyst tells investors.