UBS analyst Thomas Wadewitz downgraded Knight-Swift Transportation Holdings to Neutral and lowered his price target for the shares to $36 from $43. Cyclical concerns have caused significant pressure on the truckload stocks and Knight-Swift in 2018 despite a "very favorable underlying market," Wadewitz tells investors in a research note. While the analyst does not expect a further meaningful step down in valuation, he believes "rising risks" to the 2019 market could cause pressure on earnings. The analyst does not see a catalysts for Knight-Swift shares.

Reports Q1 revenue $1.82B, consensus $1.82B. CEO Adam Miller commented, "The full truckload market remains extremely challenging as carriers navigate the oversupply of capacity, reduced load volumes, and continued rate pressure through the early part of the bid season. This has negatively impacted the results of our Truckload, Logistics, and Intermodal segments...Although our consolidated results are not where we would like them to be, we are confident that we have the resources and are capable of the disciplined approach necessary to navigate the current market...We are continuing our strategy of building a nationwide LTL network through both organic and inorganic growth paths. Our logistics segment will continue to complement our truckload brands, leverage our power-only capabilities, preserve profitability, and afford outsized growth opportunity when the truckload market strengthens. We are building a strong foundation of diverse customers in our intermodal business with strategic rail partners, which we believe will position us for sustained profitability in the future."