CSX downgraded to Neutral as Citi narrows transportation ratings

As previously reported, Citi analyst Ariel Rosa downgraded CSX (CSX) to Neutral from Buy with a price target of $44, up from $41. The firm has narrowed its ratings, noting that many stocks in the firm’s North America Transportation coverage “appear expensive” barring significant upward revisions to estimates, which the firm says “in many cases feels premature given macro uncertainty.” The firm also points out that Eastern rails trade at “a rare premium” to Class 1 peers. The firm also adjusted targets in the group as part of Q1 preview.