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By Market News Video Staff, Thursday, March 24, 1:55 PM ET
Yesterday, Goldman Sachs (GS) upgraded shares of CSX Corporation (NYSE:CSX) from hold to buy. With the upgrade, Goldman set a price target of $93 per share and upped its EPS estimates. The rail operator also released its 2010 annual report on Wednesday, which was highlighted by strong results across the board. According to CSX, the company achieved its best year ever in safety, operating income, operating ratio and earnings per share while helping customers regain their competitive position after a tough recessionary period. At the same time, the company has stood by its customers with an $8.3 billion infrastructure investment from 2006 to 2010, and an additional $2 billion investment is planned for 2011.
Today, shares of CSX Corporation reacted to the news, and reached a new 52-week high of $79.19 during trading. Rail stocks like CSX Corporation, such as Union Pacific (NYSE:UNP), should be monitored, as they should continue to benefit from the increasing worldwide demand for coal in power generation.
CSX and Union Pacific are major components of the iShares Dow Jones Transportation Average Index Fund (AMEX:IYT), which tracks the performance of the transportation sector of the US equity market. The ETF is up nearly 1% on Thursday and 17% in the last year, it is currently trading just below its 52-week high of $96.20. Other top components of the Fund include FedEx Corp (NYSE:FDX), CH Robinson Worldwide Inc (NASDAQ:CHRW) and Norfolk Southern Corp (NYSE:NSC).
For a complete list of holdings, visit the IYT Holdings page on ETFChannel.com
The ETF Channel Flexible Growth Investment Portfolio is designed to seek growth for investors — anywhere and everywhere. The key to the program is our portfolio strategy allows us complete flexibility in terms of asset allocation as there are no predetermined guidelines as to the level of stocks, bonds, cash, regions, countries, sectors, commodities, or even asset classes in the portfolio! In short, this is a completely flexible portfolio designed to follow the performance trail wherever it leads us.
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