UBS analyst Thomas Wadewitz downgraded C.H. Robinson Worldwide to Sell from Neutral with a price target of $81, down from $90. The analyst’s analysis points to a sharper decline in revenue and earnings than is reflected in consensus estimates. The combination of dramatically lower ocean shipping rates and a step down in truckload contract rates drive his new forecast of a 25% decline in 2023 total company gross revenue and a 22% decline in net revenue. He expects downside to earnings to drive pressure on C.H. Robinson shares.
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