C.H. Robinson price target lowered to $110 from $120 at KeyBanc

KeyBanc analyst Todd Fowler lowered the firm’s price target on C.H. Robinson to $110 from $120 on lowered estimates, while keeping an Overweight rating on the shares. The analyst has established a negative near-term bias ahead of Q4 brokerage earnings. In his view, weak fundamentals are understood and expectations sufficiently low. However, the analyst senses an unwillingness to become more constructive given current freight cycle sentiment. His proprietary brokerage tracker points to a continued positive spread on contract revenue, though channel commentary indicates volume softness and narrow spreads on transactional freight.