Cowen analyst Jason Seidl downgraded C.H. Robinson to Market Perform from Outperform with a price target of $91, down from $106, ahead of the Q4 report. Trends in the ocean and air forwarding continue to decline as pricing power during the COVID-induced congestion wanes, Seidl tells investors in a research note. Recent data suggests conditions to remain "soft" and C.H. Robinson should see pressure on North American Surface Transportation, says the analyst. He adds that the "abrupt" CEO departure may suggest a weak Q4.
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