Raymond James analyst Samuel Darkatsh double downgraded to Market Perform from Strong Buy citing valuation with the shares approaching his prior $37 price target. Darkatsh cites three factors for the downgrade: Softening broad demand, including weak railcar shipments; that valuation now implies implies bullish market assumptions for long-term organic growth rates for mature branches; and that the stock's historical correlation with the company's ROTNA now suggests limited further upside. The analyst now sees 2019 EPS of $1.39 from $1.38 prior and continues to see 2020 EPS of $1.49.