Proficient Auto Logistics price target lowered to $17 from $22 at Barrington

Barrington analyst Alexander Paris lowered the firm’s price target on Proficient Auto Logistics (PAL) to $17 from $22 and keeps an Outperform rating on the shares after the company pre-announced worse-than-expected Q3 revenues and said that it expects that net income in the third quarter will be “significantly degraded” compared to net income in the second quarter. Proficient’s shares, which are trading below the May 2024 IPO price of $15, are trading at a discount to both its Truckload peer group and its Less-Than-Truckload peer group, notes the analyst. However, the firm continues to believe the valuation discount will dissipate once through this tough macro environment and as the company executes its growth strategy and thinks the stock will trade at “a premium to its TL peers and, perhaps, approach that of its LTL peers over time.”