CSX downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded CSX (CSX) to Underweight from Equal Weight with an unchanged price target of $30 following the “decent” Q1 beat. The company should benefit from the “rising tide of the cycle” and management filling new capacity with 600 new projects in the pipeline, the analyst tells investors in a research note. However, Morgan Stanley believes this is more than reflected in estimates and the stock price. CSX’s risk-reward looks skewed to the downside after being the best performing rails year-to-date, contends the firm.