Stephens lowered the firm’s price target on Knight-Swift to $60 from $65 and keeps an Overweight rating on the shares. After the company’s pre-announcement and significant cut to Q2 guidance, the firm is reducing earnings estimates for this year and next, the analyst tells investors. The firm believes the market lacks a catalyst to tighten, as large carriers are reluctant to reduce capacity and a material inflection in demand is difficult to underwrite, the analyst added.
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Read More on KNX:
- Knight-Swift cuts Q2 adjusted EPS view to 26c-30c from 53c-57c
- Knight-Swift cuts Q1 adjusted EPS view to 11c-12c from 37c-41c
- Knight-Swift price target lowered to $58 from $64 at BofA
- Knight-Swift price target lowered to $55 from $67 at Wolfe Research
- Knight-Swift price target lowered to $60 from $62 at JPMorgan
