Knight-Swift (KNX) Jumps 6.4% as Bank of America Turns Bullish

We recently published Market Downturn? Not for these 10 Stocks; 7 Jump to Record Highs. Knight-Swift Transportation Holdings Inc. (NYSE:KNX) is one of the best performers on Thursday.

Knight-Swift rallied for a 4th straight day on Thursday, adding 6.43 percent to finish at $47.04 apiece after earning bullish coverage from Bank of America.

In a market note on the same day, BofA raised its price target for Knight-Swift Transportation Holdings Inc. (NYSE:KNX) to $50 from $41 previously, while upgrading its recommendation to “buy” from “neutral.”

BofA said that the revision was based on a flurry of catalysts, including the enforcement of English Language Proficiency (ELP), limits on nondomiciled Commercial Drivers Licenses (CDL), and November 1 tariffs on imported heavy-duty trucks.

“We expect 3Q Transport results will reflect sub-seasonal demand trends given 2Q pre-shipping ahead of tariffs, yet we see increased potential for ELP, CDL, and tariff actions to aid the rate backdrop,” the investment firm said.

Next Wednesday, October 22, Knight-Swift Transportation Holdings Inc. (NYSE:KNX) is scheduled to release the results of its third-quarter earnings performance. A conference will be held after market hours to elaborate on the results.

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Disclosure: None. This article is originally published at Insider Monkey.