(The Associated Press circulated the following on August 14.)
NEW YORK — Shares of CSX Corp. rose Thursday after an analyst upgraded the railroad company to “Buy,” saying the stock is attractively priced and is likely to gain on the back of the company’s third-quarter earnings.
Shares of CSX rose $1.05, or 1.8 percent, to $61.18.
UBS analyst Rick Paterson raised CSX shares to “Buy” from “Neutral” in a note to investors and increased his price target to $76 from $72. The new target implies an expected gain of 26 percent over Wednesday’s close of $60.13.
Paterson said the stock is down about $8 as much of the “hoopla” surrounding a proxy battle at CSX has quieted, making the stock more attractively priced.
In addition, there is room for further growth as oil prices decline and the company reports its third-quarter results. It is scheduled to do so in October, according to the company’s Web site.
Shares of CSX are up 36 percent for the year and have traded between $38.09 and $70.70 in the last 52 weeks.