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

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In a report published Wednesday, Bank of America Merrill Lynch upgraded its rating on C.H. Robinson Worldwide (NASDAQ: CHRW) from Neutral to Buy, and raised its price objective 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.

Latest Ratings for CHRW

DateFirmActionFromTo
Sep 2014BarclaysInitiates Coverage onEqual-weight
Sep 2014Stifel NicolausDowngradesHoldSell
Jul 2014Edward JonesUpgradesSellHold

View More Analyst Ratings for CHRW
View the Latest Analyst Ratings

Posted-In: Bank of America Merrill LynchAnalyst Color Upgrades Analyst Ratings

 

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