As previously reported, RBC Capital analyst Walter Spracklin downgraded CSX to Sector Perform and lowered his price target to $78 from $80. The analyst notes that while Precision Scheduled Railroad model implementation has led to a significant reduction in the company's operating ratio, the "low hanging fruit has been picked" and that any further improvement should be "incremental". The analyst also expects the volume of CSX to be impacted as the company "continues to rationalize lanes in its intermodal business", constraining its earnings growth. Spracklin says his new price target assumes a target multiple of 16.5-times, down from 17-times prior.

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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