Analyst Upgrades CSX Stock, Adds to 'Focus List'

Options bulls are already chiming in on the bull note

Fernanda Horner

Digital Content Manager

Oct 11, 2023 at 10:15 AM

J.P. Morgan Securities upgraded CSX Corporation (NASDAQ:CSX) stock to "overweight" from "neutral" this morning, raised its price target to $40 from $37, and added it to its "focus list" as a prime value option. The security is up 0.9% at $31.82 at last check, after hitting its highest level since August. Poised to conquer its 100-day moving average, CSX boasts a 20.3% year-over-year lead.

Amid low absolute volume, 623 calls have already crossed the tape, which is five times the volume that's typically seen at this point. Most popular is the October 32 call, with positions being opened at the 32.50 call in that same series.

This denotes ashift in sentiment. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CSX sports a 50-day put/call volume ratio of 3.64 that ranks in the 96th percentile of readings from the past year. This means long puts have been picked up at a quicker-than-usual clip.

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