Wolfe Research Downgrades Trucking Sector To Underweight; Adjusts Ratings For Related Stocks
- Wolfe Research analyst Scott Group downgraded the trucking sector to Underweight from Market Weight and adjusted the ratings for several related stocks.
- Group says while supply chains remain under "significant stress with few signs of improvement," inventory levels are finally starting to improve.
- The analyst expects to see a gradual supply chain improvement in 2022, leading to slower freight demand and pricing gains in the second half of the year.
- He believes 2022 will represent "peak earnings for a bunch of transports."
- The analyst downgraded Covenant Logistics Group Inc (NASDAQ: CVLG) to Underperform from Peer Perform with a price target of $23 (a downside of 1.3%).
- The analyst downgraded TFI International Inc (NYSE: TFII) to Peer Perform from Outperform.
- The analyst downgraded Forward Air Corp (NASDAQ: FWRD) to Peer Perform from Outperform.
- The analyst downgraded Westinghouse Air Brake Technologies Corp (NYSE: WAB) to Underperform from Peer Perform with a price target of $92 (a downside of 5%).
- The analyst downgraded Landstar System, Inc. (NASDAQ: LSTR) to Underperform from Peer Perform and announced a price target of $169 (a downside of 1.5%).
- The analyst downgraded U.S. Xpress Enterprises Inc (NYSE: USX) to Underperform from Peer Perform to Underperform and announced a price target of $5 (a downside of 6.5%).
- The analyst upgraded C.H. Robinson Worldwide Inc (NASDAQ: CHRW) to Outperform from Peer Perform and announced a price target of $124 (an upside of 12%).
- Price Action: CVLG shares are trading lower by 6.43% at $23.43, FWRD by 1.58% at $116.76, LSTR by 4.35% at $171.53, TFII down by 2.3% at $102.40, USX lower by 5.48% at $5.35, CHRW higher by 0.65% at $110.37 and WAB higher by 0.23% at $96.77 on the last check Thursday.
Latest Ratings for CVLG
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jan 2022 | Wolfe Research | Downgrades | Peer Perform | Underperform |
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Posted-In: BriefsAnalyst Color News Upgrades Downgrades Price Target Small Cap Analyst Ratings
