CSX up as BofA raises stock to Buy, lauds hiring of COO
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CSX Corporation (NASDAQ:CSX) rose 1.9% on Friday after it hired a former chief operating officer from Canadian National Railway (CNI) and BofA raised it to Buy.
Mike Cory was called a Precision Scheduled Railroading (PSR) guru and operations protege of Hunter Harrison and Jim Vena at CN, and joins CSX as EVP and COO.
Bank of America analysts led by Ken Hoexter raised shares to Buy from Neutral after the firm downgraded the stock over a month ago on the departure of the former COO.
âThe depth of PSR training for Mr. Cory is extensive and we believe a great add to CSXâs executive team,â BofA wrote in a note.
The bank also upped its price target on CSX to $36 from $34.
The company is seeing mixed business results of late, with some strength and some weakness, Chief Executive Officer Joseph Hinrichs said at a conference this week.
âOur domestic intermodal has been growing in the last several months year-over-year, which is encouraging,â Hinrichs said, as the company eyes the economy closely.
Shares of CSX are down 2.7% so far in 2023.

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