BofA raised the firm’s price target on CSX (CSX) to $33 from $31 and keeps a Neutral rating on the shares. After having hosted 98 companies and industry experts at BofA’s annual Industrial, Transportation, & Airlines Conference, the firm is increasing price targets on rails, less-than-truckload shippers, truckload shippers, and intermodal carriers an average of 9%, and making a 10% multiple increase on average, given the shift from a recession outlook to increased volume flow targets, at least until mid-Summer, the analyst tells investors.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CSX:
- CSX Elects Board and Approves Executive Compensation
- CSX price target raised to $31 from $30 at BofA
- CSX Corporation: Hold Rating Amid Labor Agreements and Market Valuation Concerns
- CSX reaches agreement with Brotherhood of Locomotive Engineers and Trainmen
- CSX ratifies collective bargaining agreements with two unions