Schneider National resumed with a Market Perform at Raymond James

Raymond James analyst David Hicks resumed coverage of Schneider National with a Market Perform rating and no price target. The firm sees a balanced risk/reward setup and “weary” of not only its still prominent truckload segment, as TL spot rate weakness persists, but also the even later-cycle nature of its intermodal segment, which will not start to see any sort of inflection until 2025, the analyst tells investors in a research note. The firm sees supply changes as the primary factor for causing a positive shift in the current rate environment, as pandemic driven supply growth remains well above demand levels.