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January 17, 2014
06:55 EDTCNWCon-way price target lowered to $42-$45 from $47-$50 at Wells Fargo
Wells Fargo reduced its price target on Con-way after the company preannounced significantly lower than expected Q4 EPS. But the firm believes that the company's strategy will yield relatively attractive earnings growth over the intermediate term and it keeps an Outperform rating on the shares.
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May 29, 2015
12:13 EDTCNWTrucking stocks under pressure after BofA downgrades four stocks
Trucking stocks are lower this morning after Ken Hoexter and his team at Bank of America/Merrill Lynch downgraded four stocks in the sector. The firm referenced "a rapid decline in macro transport statistics," as well as continued weakness in its concurrent bi-weekly proprietary Truck Shipper Survey. LESS-THAN-TRUCKLOAD CARRIERS: Hoexter and his team downgraded less-than-truckload, or LTL, carriers ArcBest (ARCB) and Con-way (CNW) to Underperform from Neutral citing increasing pressure on industrial data points. The firm added that LTLs will experience more pressure than truckload carriers. Price objectives for ArcBest and Con-way were lowered to $36 and $42, respectively.TRUCKLOAD CARRIERS: Bank of America/Merrill Lynch downgraded truckload carriers Knight Transportation (KNX) and J B Hunt (JBHT) to Neutral from Buy. Due to soft macro data, the firm anticipates volume pressures in the second and third quarters for the two trucking firms. Price objectives for Knight Transportation and J.B. Hunt were lowered to $33 and $90, respectively. PRICE ACTION: In midday trading, ArcBest is down over 5%, while Con-way is lower by almost 5%. Knight Transportation is down almost 6%, while J B Hunt is down less than 1%.
10:01 EDTCNWOn The Fly: Analyst Downgrade Summary
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07:34 EDTCNWCon-way downgraded to Underperform from Neutral at BofA/Merrill
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