In a report released today, Kevin Steinke from Barrington maintained a Buy rating on Echo Global Logistics (ECHO), with a price target of $29. The company’s shares closed yesterday at $24.69.
Steinke said:
“We forecast gross revenue of $547.9 million, down 5.1% YOY. Guidance is $530-570 million, representing a decrease of between 1% and 8% YOY. The FactSet consensus is $549.3 million. The expectation for a year-over-year revenue decline reflects more balanced supply and demand conditions in the truckload brokerage market. This environment has led to fewer spot market shipment opportunities for brokerage firms as well as lower truckload rates, which impact revenue per shipment. In addition, Echo is facing difficult year-over-year rate comparisons, particularly in the first half of 2019, as market conditions were strong in 2018.”
According to TipRanks.com, Steinke is a 1-star analyst with an average return of -0.9% and a 48.3% success rate. Steinke covers the Services sector, focusing on stocks such as Cross Country Healthcare, Heidrick & Struggles, and Navigant Consulting.
Currently, the analyst consensus on Echo Global Logistics is a Moderate Buy with an average price target of $29, a 17.5% upside from current levels. In a report issued on April 8, Cowen & Co. also maintained a Buy rating on the stock with a $35 price target.
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The company has a one-year high of $36.75 and a one-year low of $18.83. Currently, Echo Global Logistics has an average volume of 207.1K.
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Echo Global Logistics, Inc. engages in the provision of technology enabled transportation and supply chain management services, delivered on a proprietary technology platform serving the transportation and logistics needs of its clients.
