TD Cowen analyst Jason Seidl upgraded Covenant Logistics to Outperform from Market Perform with a price target of $66, up from $51. The company finished 2023 on a strong note despite a challenged trucking market, and remains poised to grow earnings in 2024 without help from the broader truck market, the analyst tells investors in a research note. The firm says that despite material improvements made to its core business over the last few years, Covenant still trades at a significant discount to its peer group.
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