USX - Covenant Logistics downgraded price target slashed at Cowen amid broader industry weakness

Cowen downgraded Covenant Logistics (NASDAQ:CVLG) to Market Perform from Outperform amid weakness in the trucking space and expectations of worsening conditions; PT lowered to $21 from $40. "With management teams expressing uncertainty over their outlook and taking down expectations, we're cutting price targets and our estimates significantly (below consensus) for the trucking group," the rating firm adds. The company's strategic presence in the dedicated, expedited, and refrigerated markets should prove advantageous in the long term. CVLG has been trying to turn around its dedicated business, and this may prove more difficult given current industry conditions, believes Cowen. Quick look at company peers and their profitability metrics: In its latest earnings, the company outlook stated that outlook is positive for continued operational progress during 2022. "For at least the first few months of 2022, we anticipate a strong freight market accompanied by constrained capacity due to a national driver and equipment shortage. During this

For further details see:

Covenant Logistics downgraded, price target slashed at Cowen amid broader industry weakness