Update: Jefferies Raising Price Target On CSX

Jefferies & Co. is out with a research report on CSX CSX, and is raising its price target to $29 from $27. It has a Buy rating on shares. In a note to clients, Jefferies & Co. writes, "Earnings season for the transports kicks into high gear Tuesday night with CSX. Overall, freight volumes were mixed for our coverage during 2Q. And while this was generally reflected in our below-consensus estimates, we have trimmed selected estimates further — primarily at the rails where carloads were softer-than-expected this quarter (especially in coal). We attribute pockets of weakness in freight volumes generally to an equal mix of difficult year-ago comps, some macro softening, and continued flooding issues. The upshot to most reports should be that pricing should remain solid into tight capacity." Shares of CSX lost 13 cents yesterday to close at $25.19, a loss of 0.51%.