FW: Q2 likely ‘peak pain’ for trucking companies, Morgan Stanley says

FREIGHTWAVES reports:

Morgan Stanley trimmed estimates Thursday ahead of earnings season. The firm sees the second quarter of 2023 as the point of “peak pain” for trucking companies and likely the bottom of the cycle.

“The quarter began with most companies reporting on 1Q calls that there was virtually no spring seasonal pickup and while this improved somewhat going into the end of the quarter, the lift was likely too little, too late to save the quarter,” said Ravi Shanker, Morgan Stanley (NYSE: MS) transportation equities analyst.

He cut numbers for most of the carriers he follows by double-digit percentages, lowering his Knight-Swift (NYSE: KNX) second-quarter forecast by 35% following the company’s negative pre-announcement on Wednesday…

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