TD Cowen upgraded CSX (CSX) to Buy from Hold with a price target of $45, up from $32. The firm now sees a higher likelihood of East-West rail consolidation. TD believes a potential bid for Norfolk Southern (NSC) by Union Pacific (UNP) could put a floor on the shares of CSX. Further, it is too early to rule out a potential takeover of CSX by Union Pacific, the analyst tells investors in a research note. TD now assigns CSX a potential takeout multiple including synergies.
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