JPMorgan downgrades C.H. Robinson, says stock is more exposed to macro risks than rivals
C.H. Robinson has a tough road ahead in 2023, according to JPMorgan. Analyst Brian Ossenbeck downgraded the stock to underweight from neutral. The analyst named rail congestion fees, truckload rate cycles and coal volumes as headwinds for the company in 2023 despite an improving industry outlook. "C.H.
"RXO was able to grow brokerage volume by 4% YoY during 4Q22 and expects to show growth again in 1Q23 on a YoY basis while Robinson's truckload volume growth has underperformed its typical Cass Freight benchmark during the last two quarters," the analyst said. The stock has jumped 13.3% in 2023 after falling more than 14% last year. However, JPMorgan thinks that there are still significant downside risks to the stock despite its recent gains.
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