Bernstein analyst David Vernon said CSX (CSX) is "setting the bar higher" for peers Norfolk Southern (NSC) and Union Pacific (UNP) following CSX's long-anticipated Investor Day. At the event, the company met its main goal of demonstrating "enough management depth to make the realization of longer term operating ratio targets believable," he said. Additionally, Vernon said guidance targets overall were in line with consensus expectations by 2020, but cautions that the Street may be "too optimistic" for 2018. Following CSX's Investor Day, Vernon said he is "modestly" more bullish on the company, and thinks the company's ability to articulate a story on cost, demonstrate management depth, and provide hope for growth after 2018 will be viewed "constructively" by the market. Vernon, who has a Market Perform rating on CSX, raised his price target on shares to $61 from $58.

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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