Baird trims CSX PT, expects weak volumes in Q4

** Baird cuts railroad operator CSX CSX.O PT to $39 from $44, maintains 'outperform' rating

** "The on-and-off-again tariff policy encouraged front-loading of inventories, which distorted typical seasonal trends, especially in intermodal" - brokerage

** Says it expects volumes to be incrementally weaker on a year-over-year basis in Q4 2025

** New PT still represents a 15.3% upside to stock's last close

** Says revised PT reflects a more tempered view of CSX as a potential M&A target, while incorporating optimism tied to a more accommodative Fed and CSX's recent service improvements

** Median PT of 28 brokerages is $39 - LSEG data

** Including session moves, stock up 5.1% YTD