(The following report appeared at NewRatings.com on March 24.)
NEW YORK — Analysts at Deutsche Bank Securities reiterate their “buy” rating on CSX Corporation (CSX), while reducing their estimates for the company. The target price has been reduced from $38 to $35.
In a research note published this morning, the analysts mention that the company’s earnings are likely to be negatively impacted by its inefficient cost cutting program during the current the year. The analysts say that the appointment of a new Chief Operating Officer would help CSX Corporation increase its focus on its railroad segment. The EPS estimates for 2004 and 2005 have been reduced from $2.40 to $2.25 and from $3.00 to $2.80, respectively.