CSX (CSX) PT Raised to $80 at Stifel Following 1Q

Stifel analyst Michael Baudendistel raised the price target on CSX (NASDAQ: CSX) to $80.00 (from $74.00) while maintaining a Hold rating following the company's 1Q earnings report. CSX reported 1Q19 EPS of $1.02, $0.11 higher than the Street consensus of $0.91. A lower-than-expected tax rate drove a $0.02 positive variance. Revenue was in line with Stifel's model while operating expenses were 3.5% below, with the favorable variance in the labor/fringe line.

Investors should keep in mind that CSX had a positive mix benefit during the quarter while NSC will have a mix headwind. Stifel increased 2019 and 2020 EPS estimates from $4.25 and $4.80 to $4.50 and $5.00, respectively.

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