Information Provided By:
Fly News Breaks for July 17, 2019
CSX
Jul 17, 2019 | 08:44 EDT
RBC Capital analyst Walter Spracklin lowered his price target on CSX to $75 and kept his Sector Perform rating after its weaker than expected Q2 results and a cut in revenue guidance, which he expects to have a "pronounced negative impact" on the stock price and across the rail sector. The analyst cites the commentary from CSX CEO referring to the current economic backdrop as "the most puzzling I have experienced in my career" in evidence of the prevailing macro risk for the company going forward. Spracklin adds that the muted earnings growth potential, along with the negative implied return of his price target, warrants a neutral stance on the stock.
News For CSX From the Last 2 Days
CSX
Mar 27, 2024 | 08:04 EDT
JPMorgan analyst Brian Ossenbeck anticipates intermodal shipments will divert away from the Port of Baltimore following the Francis Scott Key bridge collapse to other Eastern ports. The impact for rail auto volumes appears minimal given the activity at the port is primarily contained to local markets served by truck, the analyst tells investors in a research note. The firm thinks the biggest negative impact will be on export coal volume for CSX which is shipped from the Curtis Bay terminal in the area while Norfolk could pick up some volume if it is diverted to Hampton Road. The ultimate impact will depend on how quickly the port resumes operations and at this point the U.S. government has already made a statement supporting the reconstruction, JPMorgan says.