JPMorgan analyst Brian Ossenbeck downgraded C.H. Robinson to Neutral from Overweight with a price target of $90, down from $103. The analyst noted last quarter that it was getting late to own a brokerage stock and with spot/contract spreads at an all-time high, he believes the fundamental brokerage outlook "has peaked." Sentiment is already bearish but there remains downside to C.H. Robinson consensus estimates as ocean rates and forwarding profits fall, Ossenbeck tells investors in a research note.
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