UPDATE: Stifel Downgrades C.H. Robinson Worldwide (CHRW) to Hold
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(Updated - November 22, 2016 9:09 AM EST)
Stifel downgraded C.H. Robinson Worldwide (NASDAQ: CHRW) from Buy to Hold with a price target of $75.00 (from $73.00).
Analyst John G. Larkin said, "The Dow Jones Transportation Average has had a double-digit run since the beginning of the month, reflecting expectations for a lower corporate tax rate, infrastructure spending, reduced regulation, increased domestic activity, and a more business friendly environment for the sector as a whole under the soon to be Trump administration. While the sector saw a modest compression in valuations over the past 18 months as compared to the all-time highs seen in 2014, the space has yet again run toward another period of record setting all-time high valuations never seen before thanks to tepid economic growth, capital flight toward US equities, and low interest rates. We are taking this opportunity to Ddwngrade the shares of C.H. Robinson Worldwide, Hub Group, and Swift Transportation ahead of what we anticipate to be a rationalization of valuations."
Shares of C.H. Robinson Worldwide closed at $74.37 yesterday.
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