Knight-Swift downgraded to Hold from Buy at Stifel

Stifel downgraded Knight-Swift to Hold from Buy with a price target of $47, down from $53, following the Q1 report. The guide-down was mainly driven by the unexpected duration of softness in the freight market, the analyst tells investors in a research note. The firm says the problem is with overcapacity, as “fragmented” supply has persisted well beyond the expectations. Stifel believes Knight-Swift’s recovery is now pushed out.