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Fly News Breaks for October 24, 2019
KNX
Oct 24, 2019 | 06:34 EDT
Following Knight-Swift Transportation's Q3 results and management conversations, Citi analyst Christian Wetherbee is "incrementally more constructive" on full truckload fundamentals and optimistic that the market is putting in a bottom. He believes the company's guidance is appropriately based on a cautious contract rate outlook, with a still soft rate environment expected in the first half of 2020. However, there appear to be signs of seasonality returning, with October showing month-over-month improvement and November typically seeing further sequential improvement, says Wetherbee. He believes a "credible floor" has been established for 2020 earnings estimates, which he expects will help drive further multiple expansion in Knight-Swift. The analyst keeps a Buy rating on the shares with a $40 price target.
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