Benzinga | Oct 21, 2021 04:17PM EDT

Analysts Bump Up Knight-Swift Transportation's Price Target After Q3 Results

* Analysts raised the price target for Knight-Swift Transportation Holdings Inc (NYSE:KNX) after Q3 results.

* Morgan Stanley analyst Ravi Shanker maintained an Overweight and raised the price target to $77 (an upside of 35%) from $70.

* Raymond James analyst Felix Boeschen maintained an Outperform and raised the price target to $62 (an upside of 9%) from $60.

* KeyBanc analyst Todd Fowler raised the price target to $65 (an upside of 14%) from $60 and maintained an Overweight rating on the shares.

* Fowler also raised estimates to reflect current-quarter upside, improved pricing, greater logistics contribution, and better less-than-truckload margins, partially offset by a smaller truckload fleet.

* Fowler notes results provide a glimpse of earnings potential from diversified service offerings, which may buffer truckload cyclicality. Further, free cash/leverage potentially supports acquisitions.

* Susquehanna analyst Bascome Majors raised the price target to $59 from $51 and maintained a Neutral rating on the shares.

* Majors raised his estimates through 2022, where he now sees earnings more flattish than clearly down, with his price target up accordingly despite sticking with a late-cycle multiple.

* Baird analyst Garrett Holland raised the price target to $65 from $57 and maintained an Outperform rating on the shares.

* Holland says the company remains a clear beneficiary in the current strong cyclical environment, and earnings growth is set to continue in 2022.

* Price Action: KNX shares closed higher by 4.4% at $56.75 on Thursday.