Wolfe Research Downgrades Trucking Sector To Underweight; Adjusts Ratings For Related Stocks

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Wolfe Research analyst Scott Group downgraded the trucking sector to Underweight from Market Weight and adjusted the ratings for several related stocks.
Group says while supply chains remain under "significant stress with few signs of improvement," inventory levels are finally starting to improve.
The analyst expects to see a gradual supply chain improvement in 2022, leading to slower freight demand and pricing gains in the second half of the year.
He believes 2022 will represent "peak earnings for a bunch of transports."
The analyst downgraded Covenant Logistics Group Inc CVLG to Underperform from Peer Perform with a price target of $23 (a downside of 1.3%).
The analyst downgraded TFI International Inc TFII to Peer Perform from Outperform.
The analyst downgraded Forward Air Corp FWRD to Peer Perform from Outperform.
The analyst downgraded Westinghouse Air Brake Technologies Corp WAB to Underperform from Peer Perform with a price target of $92 (a downside of 5%).
The analyst downgraded Landstar System, Inc. LSTR to Underperform from Peer Perform and announced a price target of $169 (a downside of 1.5%).
The analyst downgraded U.S. Xpress Enterprises Inc USX to Underperform from Peer Perform to Underperform and announced a price target of $5 (a downside of 6.5%).
The analyst upgraded C.H. Robinson Worldwide Inc CHRW to Outperform from Peer Perform and announced a price target of $124 (an upside of 12%).
Price Action: CVLG shares are trading lower by 6.43% at $23.43, FWRD by 1.58% at $116.76, LSTR by 4.35% at $171.53, TFII down by 2.3% at $102.40, USX lower by 5.48% at $5.35, CHRW higher by 0.65% at $110.37 and WAB higher by 0.23% at $96.77 on the last check Thursday.