UPDATE: Jefferies Lowers PT on CSX Corporation Following Market Overreaction

In a report published Thursday, Jefferies analyst Peter Nesvold reiterated a Buy rating on CSX Corporation

, but slightly lowered the price target from $30.00 to $29.00. In the report, Nesvold noted, “CSX shares sold off 2.6% in a weak tape as the market seemed to focus on CSX's liquidated damages that were up $31m YoY. We believe the market overreacted since: (1) liquidated damages are part of the core earnings power of the rails; and (2) higher liquidated damages were only $0.02 of CSX's $0.05 1Q beat.” CSX Corporation closed on Wednesday at $23.51.