Wells Fargo has decided to maintain its Overweight rating of Knight-Swift KNX and raise its price target from $55.00 to $60.00.
Shares of Knight-Swift are trading up 2.77% over the last 24 hours, at $54.52 per share.
A move to $60.00 would account for a 10.05% increase from the current share price.
Knight-Swift Transportation is by far the largest full-truckload carrier in the United States, but its service offering is quite diversified. About 71% of revenue derives from its asset-based trucking business, with full-truckload (including for-hire dry van, refrigerated, and dedicated contract) making up 58% of total top line and less-than-truckload at 13%. Truck brokerage and other asset-light logistics services make up 15% of revenue, with intermodal near 8%. Knight's intermodal operations use the Class-I railroads for the underlying movement of its shipping containers and also include drayage. The remainder of revenue reflects various services offered to shippers and third-party truckers including insurance, equipment maintenance, and equipment leasing.
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