Margin HeadwindsThe price objective was lowered to $16 as margin headwinds are seen, despite moving past its earnings trough.
Market UncertaintyGuidance is not calling for a seasonal uptick in September, and management did not take a view on the magnitude of peak given uncertainty.
Volume WeaknessMuted truck brokerage volumes were led by efforts to optimize price, volume, and service, as well as softness in auto markets.