Knight Transportation, the Industrials sector company, was revisited by a Wall Street analyst today. Analyst Ravi Shanker from Morgan Stanley maintained a Buy rating on the stock and has a $68.00 price target.
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Ravi Shanker has given his Buy rating due to a combination of factors that highlight Knight Transportation’s strong performance and potential for future growth. The company’s second-quarter results exceeded consensus expectations, particularly when adjusted for a lower-than-anticipated gain on sale. This indicates a robust operational performance that positions the company well for upcoming quarters.
Furthermore, management’s guidance for the third quarter appears conservative, with signs of improving conditions and tightening capacity in the market. This optimism is supported by early discussions on peak season projects and expectations of improved margins. Overall, these elements suggest that Knight Transportation is well-positioned to capitalize on favorable market trends, justifying the Buy rating.
In another report released today, TD Cowen also reiterated a Buy rating on the stock with a $49.00 price target.
Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of KNX in relation to earlier this year.