Raymond James analyst Patrick Tyler Brown downgraded Genesee & Wyoming to Market Perform from Strong Buy as he is "fundamentally concerned" the impact a loosening truckload environment will have on the company's North American carloads as there is a strong relationship between truck tightness and carloads growth. Further, with global PMIs continuing a downward march and shares now trading at about 18-times his downwardly revised 2019 adjusted free cash flow estimate on weakening quarter to date traffic, the analyst believes the risk/reward skew is balanced.