According to TD Cowen, the valuation and merger benefits were "clearly not appetizing to Berkshire," leading the firm to revise its outlook on potential consolidation scenarios in the railroad industry. The research firm now believes that Burlington Northern Santa Fe (BNSF), which is owned by Berkshire Hathaway, may only acquire CSX if "backed into a corner" following potential approval of a Union Pacific / Norfolk Southern deal and disappointing cooperative agreement outcomes. TD Cowen stated it has adjusted its valuation framework for CSX, resulting in the $7 reduction in price target while maintaining its positive long-term view on the stock with the Buy rating. In other recent news, CSX Corporation has been in the spotlight with several noteworthy developments. Activist investor Ancora Holdings Group has urged CSX's board to explore merger options, following the recent combination of Union Pacific and Norfolk Southern.