UPDATE: Stifel Downgrades Swift Transportation (SWFT) to Hold
- Indexes hit record highs as Trump rally continues
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- Lower for longer, ECB scales back asset buys
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Oil rises above $50 on renewed hopes for output cuts
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
(Updated - November 22, 2016 9:08 AM EST)
Stifel downgraded Swift Transportation (NYSE: SWFT) from Buy to Hold with a price target of $25.00 (from $24.00).
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 Swift Transportation closed at $24.90 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Timken (TKR) to Hold
- BMO Capital Reiterates Outperform on Costco Wholesale (COST) Following 1Q Report
- FBR Capital Raises Price Target on TEGNA (TGNA) Following Investor Conference
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!