CH Robinson Worldwide Holdings ( NASDAQ: CHRW ) was downgraded to Underweight from Neutral at JP Morgan on Friday.
Equity analyst Brian Ossenbeck said that the stock’s sustained rally to start 2023 despite a miss on earnings elevates downside risk. Additionally, macro pressures are expected to weigh particularly heavy on the trucking company as 2023 progresses.
“We still see downside risk to 2023 consensus estimates which skews risk/reward negatively even if we ascribe a prior peak multiple on trough earnings,” Ossenbeck concluded.
As such, he shifted to a bearish rating and reeled in his price target to $87. Shares of CH Robinson ( CHRW ) slipped 2.19% in premarket trading on Friday.
Read more on Stifel’s recent downgrade of the transportation name .
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C.H. Robinson cut to Sell at JP Morgan