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Dahlman Rose downgrades eastern rails CSX (CSX -2%) and Norfolk Southern (NSC -1.5%) to Hold (I,...
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Tuesday, September 4, 2012, 9:42 AM ETDahlman Rose downgrades eastern rails CSX (CSX -2%) and Norfolk Southern (NSC -1.5%) to Hold (I, II) on concerns that export met coal price declines could pressure volume and pricing. Though the firm's long-term rail outlook remains favorable, it is more cautious in the near- to medium-term, lowering its estimates below consensus for both stocks.
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Selling the Feb 2013 20.00 puts.