Wells Fargo analyst Christian Wetherbee upgraded CSX (CSX) to Overweight from Equal Weight with a price target of $40, up from $37. The firm believes the company’s recent operational headwinds are easing while its new commercial agreements will likely drive volume outperformance. The BNSF and CSX intermodal commercial agreements have begun and are expected to drive incremental volume onto CSX’s network, the analyst tells investors in a research note. Wells increased estimates to reflect CSX’s “industry-leading” earnings growth and upgraded the shares.
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