UPDATE: Bank of America Merrill Lynch Upgrades C.H. Robinson Worldwide to Buy, Raises PT

In a report published Wednesday, Bank of America Merrill Lynch upgraded its rating on C.H. Robinson Worldwide

from Neutral to Buy, and raised its price target from $64.00 to $71.00. BofA Merrill Lynch noted, “We are raising our rating on C.H. Robinson to Buy from Neutral. The company is in the midst of significant strategic shifts, with its purchase of Phoenix for $635 million on September 25, as it moves to build scale in the global freight forwarding market, while liquidating an asset, T-Chek (announced yesterday), for a cash sale of $302.5 million pre-tax. We believe these steps, combined with its willingness to lever to improve returns, as well as the potential environment of expanded net margins given the truckload weakness, will aid C.H. Robinson move to return its growth profile.” C.H. Robinson Worldwide closed on Tuesday at $60.90.