CSX’s (NASDAQ:CSX) Total Carloads of Merchandise Commodities declined from around 2.71 million in 2019 to 2.53 million in 2020. Trefis expects the metric to rise to around 2.74 million in 2021 and to 2.83 million in 2022.
While volumes decline in 2020 due to the Covid-19 related disruption, we expect growth over 2021 and 2022 to be driven by a strong economic recovery in the U.S.
We think the ongoing recovery is largely priced into CSX stock. We value CSX at about $36 per share, marking a premium of just about 5% over the current market price.
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