清晨 Haul ： CSX 的服务怎么了 ？

North AmericaCanadaUnited States IndustryEarly Morning Haul Date What's up with CSX's service? Amit Mehrotra Rail service- The public Class 1 Rails reported last week's service metricsyesterday, with most showing improvement (exceptCSX). Versus a month ago,NSC's speed was +6% and dwell -8%,UNP's speed was +1% and dwell flat (carvelocity steady at just above 200 miles per day),CNI's speed +6% and dwell -11%,andCP's speed +3% and dwell -4%. However,CSX's speed was flat and dwell +9%due to certain February derailments in key double-track areas of its networkweighing on trip plan compliance. We note, for example, thatCSX's average trainspeed system wide is down 7% from the start of the year, with Grain train velocitydown 17%. Also, systemwide dwell is up 8% since the start of the year, with dwellin Baltimore up 55% (understandable in the context of the bridge outage); Louisvilledwell up 61% since the start of the year, and Nashville dwell up 19% over the sameperiod. We'll see what impact this has on costs and margins, though we expectmore risks to 2Q when combined with expected lower export coal volume andyields. Research Analyst+1-212-250-2076 Ben Mohr Research Analyst+1-212-250-1708 Chris RobertsonResearch Analyst+1-212-250-9995 Appendix 1 Important Disclosures *Other information available upon request *Prices are current as ofthe end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloombergand other vendors . Other information issourced from DeutscheBank,subject companies,and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubjectof this research,pleasesee the most recently published company reportorvisitourglobal disclosure look-uppage onour website at https://research.db.com/Research/Disclosures/CompanySearch. Aside from within this report, important riskand conflict disclosures can also be found athttps://research.db.com/Research/Disclosures/Disclaimer. Investorsarestrongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive anycompensation for providing a specific recommendation or view in this report. Amit Mehrotra. Equity Rating Key Buy: Based on a current 12-month view of TSR, werecommend that investors buy the stock. Sell: Based on a current 12-month view of TSR, werecommend that investors sell the stock. Hold: We take a neutral view on the stock 12-months out and,based on this time horizon, do not recommend either a Buy orSell. TSR = Total Shareholder Return. Percentage change in shareprice from current price to projected target price plusprojected dividend yield Newly issued research recommendations and target pricessupersede previously published research. Early Morning Haul Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in thisreport are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for theaccuracy or security controls of those websites. Effective 13 October 2023, Deutsche Bank AG acquired Numis Corporation Plc and its subsidiaries (the "Numis Group"). NumisSecurities Limited ("NSL") is a member of the Numis Group and a firm authorised and regulated by the Financial ConductAuthority (Firm Reference Number: 144822). Deutsche Bank AG provides clients with, amongst other services, InvestmentResearch services. NSL provides clients with, amongst other services, non-independent research services. During an initial integration process, the research departments of Deutsche Bank AG and NSL will remain operationallydistinct. Consequently, disclosures relating to conflicts of interest that may exist for Deutsche Bank AG and/or its affiliates donot currently take into account the business and activities of the Numis Group. The conflicts of interest that may exist for theNumis Group, in relation to the provision of research, can be found on the Numis website at https://www.numis.com/legal-and-regulatory/conditions-and-disclaimers-that-govern-research-contained-in-the-research-pages-of-this-website.Thedisclosures on this Numis webpage do not currently take into account the business and activities of Deutsche Bank AG and/orits affiliates which are not members of the Numis Group. Additionally, any detailed conflicts of interest disclosures pertaining to a specific recommendation or estimate made on asecurity mentio