Dahlman Rose Downgrades CSX (CSX) to Hold; Additional Pressures From Met Coal

September 4, 2012 9:07 AM EDT
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Price: $38.09 -1.83%

Rating Summary:
    16 Buy, 17 Hold, 3 Sell

Rating Trend: = Flat

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    Up: 35 | Down: 31 | New: 10
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Dahlman Rose downgraded CSX (NYSE: CSX) from Buy to Hold.

Analyst, Jason H. Seidl, said, "Owing to the sharp declines in export metallurgical coal prices, we believe the Eastern Class I railroads could see volume declines in the next three quarters, as some producers could begin to cut production. Pricing pressure in the commodity could ensue in 2013 as contractual rate obligations come up for renewal. This, coupled with continued utility coal weakness and a slightly diminished overall rail pricing outlook, has caused us to become more cautious in our near- to medium-term outlook."

FY12 EPS estimate lowered from $1.82 to $1.80 and FY13 from $2.00 to $1.90.

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 $22.46 yesterday.

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