UPDATE: Stifel Nicolaus Downgrades Echo Global Logistics to Hold on Valuation
Stifel Nicolaus downgraded Echo Global Logistics (NASDAQ: ECHO) from Buy to Hold and removed the price target of $20.00.
Stifel Nicolaus said, "We are downgrading the common shares of Echo Global Logistics from Buy to Hold due to valuation. … Additionally, we believe that the company's truckload brokerage business has come under modest margin pressure in recent quarters as a result of the relative balance that has, of late, existed between supply and demand within the truckload sector (Note: truck brokers tend to perform fundamentally better when either supply exceeds demand or when demand exceeds supply)."
Echo Global Logistics closed at $19.64 on Tuesday.
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