J.P. Morgan upgrades CSX and cuts rating on RXO
CSX Corp.'s (CSX) stock was up 1.6% in premarket trading on Wednesday after J.P. Morgan upgraded the rail company to overweight from neutral. "CSX has the best near-term growth opportunity with top-tier service and the easiest 4Q23 comps combined with a clear long-term growth strategy," analyst Brian Ossenbeck said in a research note on Wednesday. J.P. Morgan cut its rating on RXO Inc. (RXO) to underweight "as we continue to see material risk to consensus especially in a lower for longer freight rate environment," Ossenbeck said. RXO stock was down 1.6% in premarket trading. Overall sentiment toward the sector appears to be "mostly apathetic given the widespread fatigue from buying the cuts and calling the bottom of the rate cycle," Ossenbeck said.
-Steve Gelsi
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10-11-23 0849ET
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