SA: CSX stock gains on strong earnings, analyst upgrade

SEEKING ALPHA reports:

CSX Corp. (NASDAQ:CSX) stock rode higher on Thursday after reporting a strong second quarter earnings that added to optimism on Wall Street.

For the second quarter, the Florida-based railroad posted 27.8% growth in revenue from the year prior and also pushed past profit expectations while improving efficiency from the first quarter. Additionally, management remained bullish on the prospects for a coming inflection point for the rail industry due in the coming months.

After the results, Loop Capital analyst Rick Paterson advised clients the stock is an attractive option for investors. Paterson raised his rating on the stock to “Buy” from “Hold” held prior to the quarterly report.

“CSX, and the rest of the railroads, should be good places to park some money in the event of economic softness in 2023…”

To read the full post, please click here. Stock up 4% to $30.9 at 12:37 EST.