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Fly News Breaks for June 23, 2016
SWFT
Jun 23, 2016 | 07:48 EDT
As previously reported, Avondale downgraded Swift Transportation to Underperform from Market Perform and lowered its price target to $12.50 from $15. Analyst Donald Broughton believes the factors leading to Werner's (WERN) and Covenant Transportation's (CVTI) preanouncements are not company specific and reflect overall industry conditions. The analyst is expecting a decline in pricing in the truckload division and said deteriorating used truck values is resulting in little to no gains on sales, which will act as a headwind for Swift in achieving earnings growth over the next 4-8 quarters.
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