CSX upgraded to Buy at BofA after ‘PSR guru’ named as COO

As previously reported, BofA upgraded CSX (CSX) to Buy from Neutral with a price target of $36, up from $34, after the company announced that it has hired Mike Cory, the former COO of Canadian National (CNI) and “PSR guru,” as its EVP and COO. After having downgraded CSX shares five weeks ago following the departure of former COO Jamie Boychuk, the firm now raises its rating back to Buy as it believes that Cory provides need expertise in Precision Scheduled Railroading, or PSR, as a former “operations protege” of Hunter Harrison and Jim Vena at Canadian.