Goldman Sachs Downgrades CSX Corp to “Neutral” (CSX)

Goldman Sachs downgraded CSX Corporation (CSX) to “Neutral” on Thursday as the analyst see better opportunities in the transportation sector.

The analysts downgraded CSX from “Buy” to “Neutral” to with a price target of $23. This target is a +12% upside to Wednesday’s closing price of $20.54.

“We think the Eastern rails are likely to post the weakest yoy earnings growth in the transport space in 1H13 on soft export coal fundamentals and only modest traffic growth ex-coal,” Goldman Sachs noted.

CSX shares were down 29 cents, or -1.41%, during premarket trading on Thursday. The stock is down -9.48% over the past year.

The Bottom Line
Shares of CSX Corporation (CSX) have a 2.73% dividend yield, based on last night’s closing stock price of $20.54. The stock has technical support in the $19 price area. If the shares can firm up, we see overhead resistance around the $21-$22 price levels.

CSX Corporation (CSX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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