C.H. Robinson's Q2 Beat Moves Select Transports Up
C.H. Robinson Worldwide's (NASDAQ: CHRW) second-quarter earnings beat moved the transportation sector broadly higher Wednesday.
The sector has proven rocky recently, with the Dow Jones Transportation Index down in four of the past five trading days.
In the bull market of the past five years, however, it has substantially outperformed the S&P 100, gaining 130 percent versus the S&P's 101 percent.
Bank of America upgraded C.H. Robinson to Neutral from Underperform and raised its target from $52 to $68.
"The trucking market is facing tight capacity and rising spot rates," Bank of America's Ken Hoexter said. "We expect truck pricing will continue to outpace costs given the tight market."
C.H. Robinson gained 6.4 percent Wednesday.
Roadrunner Transportation Systems (NYSE: RRTS) is set to post earnings after the bell Wednesday, but rose 3.9 percent in the session.
The Dow Jones Transportation Average closed up 0.72 percent.
Latest Ratings for CHRW
|Feb 2016||Raymond James||Upgrades||Market Perform||Outperform|
|Jan 2016||Deutsche Bank||Maintains||Hold|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.