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.
Latest Ratings for ECHO
|Aug 2015||Stifel Nicolaus||Upgrades||Hold||Buy|
|Jun 2015||Credit Suisse||Upgrades||Neutral||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.