Knight-Swift price target lowered to $60 from $61 at Evercore ISI

Evercore ISI lowered the firm’s price target on Knight-Swift to $60 from $61 and keeps an Outperform rating on the shares. The firm is making “large cuts” to Q2 and second half EPS estimates across the surface transportation sector and argues that the absence of a May bottom in TL pricing and LTL tonnage, coupled with intermodal pricing and loads that “remain under extreme duress along with brokerage spreads,” is likely to result in “vast misses” and lowers through this next earnings season.