C.H. Robinson upgraded to Buy from Neutral at Citi

Citi upgraded C.H. Robinson (CHRW) to Buy from Neutral with a price target of $127, up from $110. The firm has grown increasingly confident in C.H. Robinson’s ability to make meaningful progress on its cost-cutting efforts and operational efficiency improvements, which enables accelerated earnings growth as the cycle inflects. The freight recession has also pushed out emerging tech-enabled startup brokers who were less willing to endure continued losses to gain market share, with benefits to C.H. Robinson in terms of both market share and margins, the analyst tells investors in a research note.