CSX Corporation (NYSE:CSX) Merchandise Carloads declined from around 2.7 million in 2019 to about 2.6 million in 2021. Trefis expects the metric to rebound to about 2.7 million in 2022 and rise to about 2.8 million in 2023.
While Merchandise Carloads fell in 2020 due to the impact of the Covid-19 pandemic, we expect to see a rebound, driven by rising economic activity and strong demand following the easing of Covid-19 lockdowns, a trend seen in 2021 as well.
We think the recovery in demand is not fully priced into CSX stock. Our CSX’s Valuation is around $41 per share reflects and an upside of over 18% from its current levels of $34.
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|S&P 500 Return||-8%||-8%||97%|
|Trefis MS Portfolio Return||-13%||-13%||243%|
 Month-to-date and year-to-date as of 1/26/2022
 Cumulative total returns since the end of 2016