CH Robinson Worldwide Holdings (NASDAQ:CHRW) was downgraded to Underweight from Impartial at JP Morgan on Friday.

Fairness analyst Brian Ossenbeck mentioned that the inventory’s sustained rally to start out 2023 regardless of a miss on earnings elevates draw back danger. Moreover, macro pressures are anticipated to weigh notably heavy on the trucking firm as 2023 progresses.

“We nonetheless see draw back danger to 2023 consensus estimates which skews danger/reward negatively even when we ascribe a previous peak a number of on trough earnings,” Ossenbeck concluded.

As such, he shifted to a bearish score and reeled in his value goal to $87. Shares of CH Robinson (CHRW) slipped 2.19% in premarket buying and selling on Friday.

Learn extra on Stifel’s latest downgrade of the transportation title.