TD Cowen lowered the firm’s price target on Schneider National to $28 from $35 and keeps an Outperform rating on the shares. The firm said results came in materially below their forecast and consensus in 3Q as all business segments felt the heat of a historically weak pricing environment. Lowered 2023 guidance implies little to no peak season as repriced freight should limit upside potential for the company until 2H24 unless there is a material capacity inflection or rapid economic recovery.
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Read More on SNDR:
- Schneider National price target lowered to $28 from $38 at Stephens
- Schneider National downgraded to Neutral from Buy at BofA
- Schneider National downgraded to Neutral from Positive at Susquehanna
- Schneider National falls -9.7%
- Schneider National cuts FY23 adjusted EPS view to $1.40-$1.45 from $1.75-$1.90
