UPDATE: Goldman Sachs Downgrades CSX Corporation to Neutral on Lack of Relative Upside

Goldman Sachs downgraded CSX Corporation (NYSE: CSX) from Buy to Neutral with a $23 price target.

Goldman Sachs commented, "[W]e downgrade CSX from Buy to Neutral on our belief that the Eastern rails are likely to post the weakest yoy earnings growth in the transport space in 1H13 on soft export coal fundamental and the potential roll off in late 2013 of an investment that provided an earnings boost in 2012. Undemanding valuations, at just 11.1x our 2013 EPS estimate, reflect more conservative expectations, and provide some support to the shares if 2013 earnings disappoint."

CSX Corporation closed at $20.54 on Wednesday.

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