Deutsche Bank analyst Amit Mehrotra lowered his Q2 earnings forecasts by 4% on average, taking him below consensus for all the U.S. Class 1 Rails - CSX (CSX), Kansas City Southern (KSU), Norfolk Southern (NSC) and Union Pacific (UNP). The analyst is in-line with the consensus for Canadian National (CNI) and above consensus for Canadian Pacific (CP). Despite the estimate cuts, Mehrotra remains positive on Rail stocks, reflecting the sector's "volume-agnostic" cost opportunity. He lowered his price target for CSX to $87 from $89, for Kansas City Southern to $138 from $142, for Norfolk Southern to $196 from $198 and for Union Pacific to $197 from $200. The analyst keeps Buy ratings on all four names.

Loop Capital raised the firm's price target on Norfolk Southern to $270 from $261 and keeps a Buy rating on the shares as part of a broader research note on Transportation names. The firm is adjusting its estimates on the stock following its Q1 pre-announcement last week.

UBS analyst Thomas Wadewitz lowered the firm's price target on CSX to $44 from $46 and keeps a Buy rating on the shares. CSX's Q1 EPS was modestly above consensus, showing improvement in the Purchased Services and Other expense line and providing positive commentary on their outlook for volumes, the analyst tells investors in a research note. The Q1 report was solid and CSX provided a constructive outlook, UBS contends.

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