WERN - BofA downgrades several transport stocks on deteriorating demand

Bank of America downgraded several transportation stocks ahead of the open Friday, citing deteriorating demand and falling prices. A series of proprietary market surveys and indicators flagged rising capacity availability, but not due to rising supply. According to the bank, "A large number of respondents commented that pricing is declining rapidly, capacity is available, and these shifts could signal a downturn in the economy and lower demand."     The bank downgraded nine transportation stocks, including UPS (UPS), Union Pacific (UNP), Canadian Pacific (CP), Schneider (SNDR), Werner (WERN), Saia (SAIA), TFI International (TFII), ArcBest (ARCB), and Triton (TRTN). No transportation stocks were upgraded along with Friday's note; Bank of America now carries more sell and neutral ratings, than buy recommendations in the sector.    March saw rail volumes fall 3% year on year, with the Association of American Railroads saying, "These conflicting trends reflect an economy with a good deal of

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BofA downgrades several transport stocks on deteriorating demand