1933bkk
1933bkk
Citi is cautious on the North America transportation sector into the end of the year.
Analyst Christian Wetherbee warned that peak truckload freight not materializing and pace of imports is slowing into what should be a seasonally strong period.
“We spent the last week running checks across our coverage universe and as we enter 3Q conference season and the run into year end, we’re concerned about the pace of freight activity and think upcoming data points are likely to skew negatively, particularly peak season.”
Wetherbee said truckload spot rates have also taken a recent leg lower. While rail carloads are holding steady, there is little evidence of improvement seen by Citi, which is noted to add risk to the consensus Q4 estimates.
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