UPDATE: Bank of America Downgrades C.H. Robinson to Underperform; Long-Term Targets Challenging

Bank of America downgraded C.H. Robinson CHRW from Buy to Underperform and lowered the price target from $74.00 to $60.00. Bank of America commented, "C.H. Robinson noted that it may be impossible to achieve its long-term growth target of 15% [for revenues, operating margin, and EPS]. It highlighted its focus remains on market share gains, while net revenue margins are likely to remain under pressure. This is a significant pullback from its consistent reiteration of its long-term goals over its 15-year history as a public company."f C.H. Robinson closed at $67.01 on Tuesday.