UPDATE: Bank of America Reiterates Buy Rating, Raises PT on CSX Corporation Following Solid Results

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In a report published Wednesday, Bank of America analyst Ken Hoexter reiterated a Buy rating on
CSX CorporationCSX
, and raised the price target from $32.00 to $33.00. In the report, Bank of America noted, “CSX posted solid results despite the weather, and has experienced a robust start to 2Q14, as carloads are up 11% over the past 2 weeks. It posted normalized 1Q14 EPS of $0.38, down 17% year-over-year, in-line with our estimate, and just above consensus' $0.37. Results included an $0.08-$0.09/sh impact from weather, placing adjusted EPS at $0.46-$0.47, just above our pre-weather adjusted $0.43 estimate (reduced on March 12). Results included up to $58 million ($0.03-$0.05/sh) in liquidated damages from coal customers. GAAP EPS of $0.40 included a $0.02/sh tax gain. Total carloads were up 2.7% in 1Q, topping our 1.3% target, while yields fell -1.8%, below our +0.5% target (mainly driven by a -7.6% decline in Coal yields, larger than our -5% target).” CSX Corporation closed on Tuesday at $28.29.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBank of AmericaKen Hoexter
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