An analyst firm has come out with some rail stocks to watch in 2023, now that concerns about a disruptive strike have ebbed. President Joe Biden signed a bill earlier this month imposing a deal on rail-freight workers.
“Labor no longer appears to be the nuclear risk , supply chain disruptions have ebbed meaningfully, and comparisons have few anomalies to consider,” Evercore analyst Jonathan Chappell wrote in a note released on Tuesday. “That said, there is plenty of risk as it relates to the macro backdrop and how nimble rails can be in a weaker-than-expected volume environment.”
Evercore also raised its price target for CSX Corp. CSX to $37 from $32. “We like the rails overall as an investment, but we prefer those with the most attractive relative valuation, namely CSX,” Chappell wrote. CSX Corp.’s stock ended Monday’s session down 1.4%.
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