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Deutsche Bank on Friday downgraded CSX to hold from buy, telling clients to avoid chasing the rally in the stock after news of a potential shake-up from activist investors.
Shares of the railroad spiked 23 percent Thursday on reports Hunter Harrison, CEO of Canadian Pacific Railway, stepped down from his role six months ahead of schedule to team up with activist investor Paul Hilal and force changes at CSX. They are expected to push for an executive role for Harrison, a well-respected industry executive with a reputation for cost-cutting, according to the reports.
