UPDATE: Stifel Resumes Knight Transportation (KNX) at Buy

June 21, 2021 4:12 PM EDT
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Price: $48.37 +0.46%

Rating Summary:
    15 Buy, 15 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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(Updated - June 21, 2021 4:13 PM EDT)

Stifel analyst Joseph W. DeNardi resumes coverage on Knight Transportation (NYSE: KNX) with a Buy rating and a price target of $61.00.

The analyst comments "We are resuming coverage of Knight-Swift Transportation Holdings Inc. (KNX) with a Buy rating and $61 target price. Knight-Swift is the largest provider of truckload services in the U.S. with over 18k tractors and is known as a quality operator, consistently delivering top-tier margins. Today, the carrier trades at a peak earnings multiple - ~12x consenus 2022 earnings vs. a 4- year average (given the Swift merger) of ~16x. We, however, continue to see a healthy demand backdrop and challenged supply setup that should extend the cycle for Knight-Swift. In our view, the carrier's size, scale and ability to capitalize on the upswing in the cycle make them very attractive in this type of environment. This, however, is being discounted as concerns about supply re-entering the market permeate. We don't see a clear path to material supply growth and believe Knight-Swift will grow earnings above consensus in 2022."

For an analyst ratings summary and ratings history on Knight Transportation click here. For more ratings news on Knight Transportation click here.

Shares of Knight Transportation closed at $44.72 yesterday.

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