CSX Corporation CSX has had quite the run in 2017 thus far, as shares have gained over 32 percent year-to-date. The rail-based transportation company has benefited from talks of former CEO of Canadian Pacific Railway Limited CP Hunter Harrison taking over as chief executive.
Barclays sees plenty of upside potential at CSX and isn't “inclined to fight increasingly bullish sentiment on the stock,” said analyst Brandon Oglenski.
Barclays has raised its price target to $50 while maintaining an Overweight rating on CSX.
Analysts believe the company can achieve over $1 billion of productivity over the next few years, and envision EPS in the $3.50 range by 2020, a 75 percent upside against 2017 estimates.
“Shares are no longer cheap, but we still see room for upside. The path forward will likely be more volatile than the last week, but we think it is too early to take profits,” added Oglenski.
Shares of CSX closed down 1.19 percent at $47.49.
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