Wolfe Research analyst Scott Group upgraded Knight-Swift Transportation (KNX) to Outperform from Peer Perform with a $65 price target. The analyst continues to see "significant" near-term earnings risk, but is "now more hopeful" that 2023 will represent trough earnings for Knight-Swift as U.S. Xpress Enterprises (USX) accretion starts to ramp in 2024. The firm says the deal brings solid potential accretion despite dilution at first. Wolfe now sees a company-specific catalyst for Knight-Swift with solid potential earnings accretion over time from U.S. Xpress.
Published first on TheFly
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Read More on KNX:
- Knight-Swift upgraded to Outperform from Peer Perform at Wolfe Research
- Knight-Swift price target raised to $76 from $70 at BofA
- Knight-Swift Transportation Lands U.S. Xpress in Nine-Figure Deal
- Knight-Swift to acquire U.S. Xpress Enterprises for $6.15 per share
- Knight-Swift price target raised to $72 from $62 at Barclays
