UBS Downgrades C.H. Robinson Worldwide (CHRW) to Sell

UBS analyst Thomas Wadewitz downgraded C.H. Robinson Worldwide (NASDAQ: CHRW) from Neutral to Sell with a price target of $81.00 (from $90.00).

The analyst comments "We downgrade CHRW from Neutral to Sell because our analysis points to a sharper decline in revenue and EPS than is reflected in consensus. The combination of dramatically lower ocean shipping rates and a step down in truckload contract rates drive our new forecast of a 25% decline in 2023 total company gross revenue and a 22% decline in net revenue (or adjusted gross profit). We lower our 2023E EPS from $4.75/share to $4.35, which is 24% below consensus of $5.69. We expect downside EPS to drive pressure on CHRW. The news of a CEO change is not a primary factor, in our view, as it could point to risk but also facilitate change."

For an analyst ratings summary and ratings history on C.H. Robinson Worldwide click here. For more ratings news on C.H. Robinson Worldwide click here.

Shares of C.H. Robinson Worldwide closed at $90.28 yesterday.

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