Echo Global Logistics (ECHO) PT Raised to $24 at Stifel

Stifel analyst J. Bruce Chan raised the price target on Echo Global Logistics (NASDAQ: ECHO) to $24.00 (from $21.00) while maintaining a Buy rating.

The analyst comments "We had the pleasure of hosting Echo management for an update on the company and state of the truck brokerage industry. In the last couple months, management has seen the entire freight cycle microcosm, requiring rapid reaction that we believe continues to separate the technology "haves” from the “have nots”. Overall, management seemed incrementally more optimistic than on their first quarter earnings call: volumes seem to have bottomed and there are opportunities for Echo coming out of the disruption. That said, buy side pricing is generally still under pressure. That's good for near term gross margins, but could mean (over)capacity will linger for longer, in our view. We believe Echo has managed well through the pandemic and we like the company’s positioning in the latter part of a recovery. Longer term, we see significant opportunity for the company to cement its technology-enabled value add in a culled competitive field."

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