** Jefferies upgrades rating on railroad operator CSX CSX.O to "buy" from "hold", maintains PT at $37

** "We are positive on accelerating earnings growth over the next two years as the freight market improves" - brokerage

** Says CSX's largely insulated geographic presence should be considered positive as investors grapple with the "puts and takes" of potential tariff and trade policy changes between the U.S. and China, Mexico, and Canada

** CSX set to report Q4 results on Jan. 23

** CSX shares were down ~7% in 2024

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))