Shyft Group downgraded to Neutral from Buy at DA Davidson

DA Davidson analyst Michael Shlisky downgraded Shyft Group to Neutral from Buy with a price target of $16, down from $32, following Q2 results. Even though EBITDA beat the firm’s expectations, “it was a stark change in tone and outlook” from Q1 on the back of what Shyft sees as e-commerce-related weakness, the analyst tells investors. The company’s two new segment heads “have their work cut out for them in this environment” and with a new CEO also on the way the firm prefers “staying on the sidelines until some dust settles,” the analyst added.