Universal Logistics price target lowered to $24 from $28 at Stifel

Stifel lowered the firm’s price target on Universal Logistics (ULH) to $24 from $28 and keeps a Hold rating on the shares. Since last week, spot rates have moved higher despite “no discernible change in core freight demand,” says the analyst, who thinks investors should continue to expect muted demand with a sub-seasonal second half and soft peak season. Third-party logistics gross margins should temporarily compress, the analyst added.