Knight-Swift Faces Challenged Truckload Market: Analyst Lowers 2023 Price Target
Portfolio Pulse from Nabaparna Bhattacharya
Susquehanna analyst Bascome Majors has reiterated a Neutral rating on Knight-Swift Transportation Holdings Inc. (NYSE:KNX), lowering the price target to $51 from $53. This follows the company's worse-than-expected Q2 2023 earnings results and a cut in 2023 guidance. The company's revenues of $1.55 billion, down 20.8% Y/Y, missed the consensus of $1.60 billion. The analyst warns that KNX will face challenges in the truckload market.
July 21, 2023 | 6:41 pm
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NEGATIVE IMPACT
Knight-Swift's lowered price target and worse-than-expected Q2 2023 earnings results could negatively impact its stock price in the short term.
The lowered price target and worse-than-expected earnings results indicate a negative outlook for the company. This could lead to a decrease in investor confidence and a potential drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100