Shares of Knight-Swift Transportation have experienced a significant increase after multiple banks and rating firms adjusted their estimates for the company. This comes as Knight-Swift reported higher-than-expected revenue during the third quarter.
As of 11:14 a.m. ET, shares were up by an impressive 11%, currently valued at $50.76.
JPMorgan Chase has upgraded its recommendation on the stock to neutral from underweight, while also raising its target price to $57 from the previous $54. Similarly, Morgan Stanley has increased its price to $75 from $70.
Citigroup, among other banks, has also revised its earnings per share estimates for the year. Previously at $2, the new estimate is now $2.10. This positive adjustment is primarily driven by Knight-Swift’s notable truckload and less-than-truckload margins.
Experts at TD Cowen have remained cautious, taking a conservative stance in line with the company’s outlook. However, they do acknowledge that Knight-Swift is well-positioned to benefit from a tight capacity within the truckload industry, as well as potential growth opportunities in the long term.
In conclusion, Knight-Swift Transportation is experiencing a boost in its stock prices following encouraging financial results. As banks and rating firms adjust their estimates, the future looks promising for this company.
