BofA analyst Ken Hoexter lowered the firm’s price target on Knight-Swift to $61 from $63 and keeps a Buy rating on the shares. The firm lowered its Q3 trucking-related EPS targets 6% on average within its coverage of truckload, less-than-truckload, truck brokerage, and airfreight carriers given subdued demand and pricing softness. The firm sees downside to earnings expectations as it sees pronounced rate/demand weakness across truckload/truck brokerage carriers, as well negative earnings pressure from the sequential rise in fuel prices, the analyst added in transportation sector preview note.
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Read More on KNX:
- Knight-Swift price target lowered to $54 from $62 at Stifel
- Knight-Swift price target lowered to $62 from $66 at Barclays
- Knight-Swift price target lowered to $45 from $51 at Susquehanna
- FedEx, Blue Owl Capital, RenaissanceRe added to ‘US 1’ list at BofA
- Knight-Swift CEO, CFO temporarily reduce base salaries by about 20%