Raymond James Bumps Up Price Target For Several Transportation Companies

Raymond James analyst Patrick Tyler Brown updates the price target for five logistics companies.

• The analyst says the truck market "remains extremely tight" heading into 2022 as supply additions "have been hard to come by."
• Brown believes that the first half of 2022 "sets up decidedly more favorable" as carriers continue to benefit from double-digit contractual rate increases, a strong truck spot market, volume tailwinds from inventory replenishment demand, and still replacement-like Class 8 build rates.
• He continues to favor owning names "with most idiosyncratic growth/margin stories within trucking."
• Brown further adds that the rising production into the second half of 2022 "could add to capacity and thus somewhat wane on growth optics."
• The analyst raised Saia Inc's SAIA price target to $350 (an upside of 4.5%) from $330 and maintained an Outperform rating on the shares.
• The analyst raised XPO Logistics Inc's XPO price target to $102 (an upside of 32.2%) from $100 and maintained an Outperform rating on the shares.
• The analyst raised Knight-Swift Transportation Holdings Inc KNX price target to $65 (an upside of 6%) from $62 and maintained a Market Outperform rating on the shares.
• The analyst raised Old Dominion Freight Line Inc ODFL price target to $380 (an upside of 6%) from $345 and maintained a Market Outperform ratings on the shares.
• The analyst raised Forward Air Corp's FWRD price target to $145 (an upside of 19.3%) from $135 and maintained a Strong Buy on the shares.
• Price Action: XPO shares are trading lower by 0.10% at $77.15, SAIA lower by 0.16% at $334.88, KNX lower by 0.37% at $61.42, ODFL lower by 0.49% at $359.03 and FWRD higher by 0.53% at $121.53 on the last check Thursday.