Knight-Swift Transportation Holdings Inc's (NYSE:KNX) earnings are likely to have bottomed and are poised to recover with "improving spot rate dynamics," according to BofA Securities.
The Knight-Swift Transportation Analyst: Analyst Ken Hoexter upgraded the rating from Neutral to Buy, while raising the price target from $41 to $50.
The Knight-Swift Transportation Thesis: Being a well-run truckload operator, the company is a key beneficiary of any tightening in truckload supply dynamics, Hoexter said in the upgrade note.
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He added that there are several supply-side catalysts leading to the tightening of truckload supply dynamics, including:
- English Language Proficiency enforcement
- Limits on non-domiciled Commercial Drivers Licenses (CDL)
- November 1 tariffs on imported heavy-duty trucks
"We expect 3Q Transport results will reflect sub-seasonal demand trends given 2Q pre-shipping ahead of tariffs, yet we see increased potential for ELP, CDL, and tariffs actions to aid the rate backdrop," the analyst further wrote.
KNX Price Action: Shares of Knight-Swift Transportation had risen by 5.23% to $46.51 at the time of publication on Thursday.
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