Benzinga | Sep 17, 2021 11:05AM EDT

RBC Capital Cuts CSX Rating On Supply Chain Congestion

* RBC Capital analyst Walter Spracklin downgraded CSX Corp (NASDAQ:CSX) to Sector Perform from Outperform, and the price target lowered to $32 (implying an upside of 4.9%) down from $37.

* Spracklin cites the decline in earnings estimates for the stock due to supply chain congestion and the lack of any company-specific catalysts to reverse the trend.

* Further, he sees a better opportunity for a relative return elsewhere in the sector while also cutting his FY21 EBITDA outlook to $6.52 billion from $6.68 billion.

* Price Action: CSX shares are trading lower by 1.28% at $30.51 on the last check Friday.