Evercore ISI downgraded Knight-Swift to In Line from Outperform with a price target of $52, down from $60. The shares have “held in much better than fundamentals,” and with the “kitchen-sink guidance” finally exposing the true downside risk from the cycle, even an ambitious trough multiple on a somewhat optimistic 2024 recovery outlook does not provide much, if any, upside from current levels, the analyst tells investors in a research note. The firm is moving to the sidelines pending more clarity on Knight-Swift’s potential margin expansion and earnings growth next year.
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