Knight-Swift price target lowered to $70 from $72 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Knight-Swift (KNX) to $70 from $72 and keeps an Overweight rating on the shares. The company’s Q3 miss and Q1 guidance that were modestly below consensus “may seem disappointing” on the face, but in the context of Q3 noise and the guide assuming no cycle inflection, “this outcome should at least meet – if not top – expectations,” the analyst tells investors. The market “will be relieved (again) that there was no guidance cut and even encouraged” that management commentary for Q4 and FY25 remains supportive of the cycle, the analyst added.