Citi downgraded Knight-Swift (KNX) to Neutral from Buy with an unchanged price target of $64. The firm believes “significant optimism” is now priced into trucking stocks. With the share rallies brining valuation multiples to “historically-elevated levels,” Citi is turning more cautious on the truckers. It downgrade four names, saying that “cycle inflection” underway is now largely priced in.
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