Stifel analyst J. Bruce Chan downgraded C.H. Robinson to Hold from Buy with a price target of $99, down from $107. The company reported a "sizable miss" in Q4, with themes from its disappointing Q3 report carrying over, including outsized costs and sluggish response to quick changes in underlying freight demand, the analyst tells investors in a research note. The firm says C.H. Robinson’s cost structure in Forwarding "remains upside down" and will take some time to correct. It believes the foundation at Robinson is strong, but given the current backdrop and pending a more concrete strategy for earnings growth, Stifel choose to step to the sidelines.
Published first on TheFly
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