Shyft Group downgraded to Hold yesterday at Craig-Hallum

As previously reported yesterday afternoon, Craig-Hallum analyst Steve Dyer downgraded Shyft Group (SHYF) to Hold from Buy with a price target of $16, down from $35. The firm believes Shyft shares are “likely rangebound for several quarters until existing end-market uncertainty sorts itself out,” the analyst told investors. In Shyft’s flagship FVS segment, the “big 3” of Amazon (AMZN), FedEx (FDX) and UPS (UPS) are all dealing with “idiosyncratic issues” that the firm believes have largely paused ordering, while smaller customers are dealing with softer parcel deliveries, economic uncertainty and higher dealer inventories, the analyst added.