Schneider, Werner upgraded to Buy, XPO Logistics downgraded at BofA

BofA analyst Ken Hoexter updated the firm’s ratings on several names in the trucking and logistics space. The analyst expects the truck cycle to inflect in the second half of 2023 as spot rates stabilize and demand finds a floor, and thinks rails will gain share on better service. The analyst upgraded Schneider National (SNDR) to Buy from Underperform with a price target of $29, up from $23, and Werner (WERN) to Buy from Underperform with a $50 price target, while upgrading Old Dominion (ODFL) to Neutral from Underperform with a price target of $334, up from $266, and Wabtec (WAB) to Neutral from Underperform. The analyst also downgraded Greenbrier (GBX) to Underperform from Neutral, C.H. Robinson (CHRW) to Underperform from Neutral with a price target of $88, down from $95, and XPO Logistics (XPO) to Underperform from Neutral with an unchanged price target of $35.