According to a report published by Reuters, a blast occurred at a Baltimore train facility owned by freight transportation services provider CSX Corp. (NASDAQ:CSX) on Thursday.
A firefighter union said the shockwave from the explosion at a coal terminal “could be felt Citywide.”
Eric Costello, a council member of Baltimore City, said, “The explosion is isolated to the CSX property, no impact or risk to the community, no reported injuries, and the cause is unknown at this time.”
While the company is investigating the cause of the blast, it said all employees are safe.
Florida-based CSX provides traditional rail services and transportation of intermodal containers and trailers. It has a fleet of more than 3,500 locomotives and approximately 51,000 freight cars.
Wall Street’s Take
Recently, UBS (USB) analyst Thomas Wadewitz maintained a Buy rating on the stock and raised the price target to $42 from $39 (12.5% upside potential).
Additionally, Fadi Chamoun, an analyst with BMO Capital, reiterated a Buy rating on CSX and increased the price target from $40 to $41 (10% upside potential).
Chamoun said, “The company is executing better than peers on both operational and commercial fronts and should experience well above historical average volume growth going forward.”
Overall, the stock has a Moderate Buy consensus rating based on 12 Buys, 4 Holds and 1 Sell. The average CSX stock prediction of $38.24 implies 2.5% upside potential. Shares have gained 24.8% over the past year.
Positive Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on CSX, with nearly 6% of investors on TipRanks increasing their exposure to the stock over the past 30 days.
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