Susquehanna downgraded Knight-Swift (KNX) to Neutral from Positive with a price target of $43, down from $52 as part of a Q3 earnings preview for the logistics and trucking group. The firm cut estimates across the sector, saying pricing and margin improvement “remain in the distance.” The Q3 supply chain “snap-back” was modest in truckload, the analyst tells investors in a research note. Susquehanna cites a further out margin pickup and truckload pricing recovery for the downgrade of Knight-Swift. A prolonged cyclical turn has a “dampening effect” on the company’s earnings power, contends the firm.
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