Knight Transportation (KNX) PT Raised to $66 at Stifel

September 24, 2021 8:01 AM EDT
Get Alerts KNX Hot Sheet
Price: $50.75 --0%

Rating Summary:
    16 Buy, 14 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 16 | New: 32
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Stifel analyst Joseph W. DeNardi raised the price target on Knight Transportation (NYSE: KNX) to $66.00 (from $65.00) while maintaining a Buy rating.

The analyst commented, "Knight-Swift has seen some benefit this year, in terms of stock price appreciation, but its valuation remains attractive, in our view. We've made our case for why the industry deserves a mid-cycle multiple (structural supply constraints), now we'll make the case for why KNX's earnings trough is likely to be quite a bit higher in the next downturn, whenever that may happen. Since 2019, a lot has happened. The Swift merger has been fully integrated, asset-light revenue sources have grown, the company entered into LTL and the pandemic has accelerated eCommerce adoption while, at the same time, reshaping the transportation labor market. There's likely continued runway for rates and earnings growth at KNX, but in this note we evaluate the bear case to see just what a downturn may mean for earnings. We see structural supply constraints and a stronger, more diversified business model as reasons to own the stock."



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