UPDATE: Bank of America Reiterates Buy Rating, Raises PT on CSX Corporation as Volumes Are Well Above Target

In a report published Friday, Bank of America analyst Ken Hoexter reiterated a Buy rating on CSX Corporation CSX, and raised the price target from $29.00 to $32.00. In the report, Bank of America noted, “We believe CSX is primed to be one of the best positioned transport stocks into 2014 as low expectations are being offset by better than expected volume growth as we exit 2014. We are raising our objective 10%, to $32 from $29, indicating 17% upside from current levels. The shares are trading at 13.8x our 2014 EPS estimate, the mid-point of its 11x-16x one standard deviation historical trading range, and a point and a half below the rail group average. Quarter-to-date, volumes are up more than 6%, well above our prior 2.5% target, indicating further upside as it closes out the quarter.” CSX Corporation closed on Thursday at $27.28.