UPDATE: Credit Suisse Downgrades CSX Corporation to Neutral on Downside Risk

Credit Suisse downgraded CSX Corporation CSX from Outperform to Neutral and lowered the price target from $26.00 to $22.00. Credit Suisse commented, "While we are less constructive on the Eastern rails in general (relative to the Western rails), we believe that shares of CSX are exposed to more potential downside risk than Norfolk Southern. … Market not Fully Discounting Export Coal Pricing Cuts: With the stock trading north of 11 times 2013 consensus (the high end of its 6-month range), we are concerned that CSX could be vulnerable to downward estimate revisions. And while coal volume declines are well known, price reductions in the export coal business may not be fully appreciated." CSX Corporation closed at $20.89 on Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorDowngradesPre-Market OutlookAnalyst RatingsCredit Suisse
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!