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Raymond James Bumps Up Price Target For Several Transportation Companies

Raymond James Bumps Up Price Target For Several Transportation Companies
Raymond James analyst Patrick Tyler Brown updates the price target for five logistics companies.




The analyst says the truck market "remains extremely tight" heading into 2022 as supply additions "have been hard to come by."




Brown believes that the first half of 2022 "sets up decidedly more favorable" as carriers continue to benefit from double-digit contractual rate increases, a strong truck spot market, volume tailwinds from inventory replenishment demand, and still replacement-like Class 8 build rates.




He continues to favor owning names "with most idiosyncratic growth/margin stories within trucking."




Brown further adds that the rising production into the second half of 2022 "could add to capacity and thus somewhat wane on growth optics."




The analyst raised Saia Inc's (NASDAQ:SAIA) price target to $350 (an upside of 4.5%) from $330 and maintained an Outperform rating on the shares.




The analyst raised XPO Logistics Inc's (NYSE:XPO) price target to $102 (an upside of 32.2%) from $100 and maintained an Outperform rating on the shares.




The analyst raised Knight-Swift Transportation Holdings Inc (NYSE:KNX) price target to $65 (an upside of 6%) from $62 and maintained a Market Outperform rating on the shares.




The analyst raised Old Dominion Freight Line Inc (NASDAQ:ODFL) price target to $380 (an upside of 6%) from $345 and maintained a Market Outperform ratings on the shares.




The analyst raised Forward Air Corp's (NASDAQ:FWRD) price target to $145 (an upside of 19.3%) from $135 and maintained a Strong Buy on the shares.




Price Action: XPO shares are trading lower by 0.10% at $77.15, SAIA lower by 0.16% at $334.88, KNX lower by 0.37% at $61.42, ODFL lower by 0.49% at $359.03 and FWRD higher by 0.53% at $121.53 on the last check Thursday.
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