Stifel lowered the firm’s price target on Knight-Swift to $60 from $63 and keeps a Buy rating on the shares, noting that the company recently disclosed that Q2 results are tracking below expectations. While the guide down is “disappointing,” the firm thinks the industry has troughed and that easing comps should mean more upside than downside to its base case, the analyst tells investors. Earnings power “remains poised to ramp considerably with an inevitable freight inflection” for the nation’s largest OTR TL carrier with significant leverage to spot rate improvement, the firm added.
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