Knight-Swift price target lowered to $63 from $67 at BofA

BofA lowered the firm’s price target on Knight-Swift to $63 from $67 and keeps a Buy rating on the shares. The company has significantly lowered its Q2 targets on the prolonged weakness in the truckload market, notes the analyst, who points out that this was the second time Knight-Swift has lowered targets this year. However, “inflection delayed is not inflection denied,” adds the analyst, who says Knight-Swift “remains the leading operator ahead of a rebound” and should be aided by capacity exits accelerating and a higher base with its U.S. Xpress acquisition.