Oppenheimer Reiterates Perform on CSX Corp. (CSX) Following Solid 3Q

October 13, 2016 9:58 AM EDT
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Price: $44.33 -2.59%

Rating Summary:
    16 Buy, 18 Hold, 2 Sell

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Oppenheimer reiterated a Perform rating on CSX Corp. (NASDAQ: CSX) following the company's 3Q earnings report. CSX reported 3Q EPS of $0.48, exceeding the consensus estimates of $0.45. Revenue declined 7.8% y/y to $2.710B, which still exceeded the consensus of $2.688B.

Analyst Scott Schneeberger commented, "CSX has achieved $341M in efficiency savings YTD (in addition to volume-related cost reductions of $203M YTD), which firmly positions it to achieve its guided $350M + of 2016 efficiency savings. In neither its 2Q16 nor its 3Q16 press releases did the company indicate an increase to its 2016 efficiency savings guidance. However, on the 2Q16 conference call, CSX increased its full-year efficiency savings target from "exceed $250M" to "approaching $350M," which leads us to anticipate an increase on tomorrow's 8:30am ET conference call."

For an analyst ratings summary and ratings history on CSX click here. For more ratings news on CSX click here.

Shares of CSX closed at $30.21 yesterday.

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