Triton hits 2022 low after BofA's double-downgrade

Werner Enterprises

08/04/2022 17:36

** Shares of transport equipment lease provider Triton
International  TRTN.N  drop 8% to $58.08 after Bank of America
double-downgrades to "underperform" from "buy"
    ** TRTN heads for biggest fall in a year, with Friday's
decline set to erase all YTD gains 
    ** Three of 4 brokerages rate TRTN "buy" or higher, 1 rates
it "sell" - Refinitiv data    
    ** BofA downgrades eight other transport stocks, including
UPS  UPS.N ; says freight market signals have turned
increasingly softer and suggest demand is waning
    ** Citing a survey, BofA says pricing is declining rapidly,
capacity is available, and these shifts could signal a downturn
in the economy and lower demand
 Company                  Current rating  Previous rating
 UPS                      Neutral         Buy
 Triton                   Underperform    Buy
 Union Pacific  UNP.N     Neutral         Buy
 Canadian Pacific         Neutral         Buy
  CP.To                                   
 Schneider National       Underperform    Buy
  SNDR.O                                  
 Werner Enterprises       Underperform    Neutral
  WERN.O                                  
 Saia Inc  SAIA.O         Neutral         Buy
 TFI International        Neutral         Buy
  TFII.O                                  
 ArcBest Corp  ARCB.O     Neutral         Buy
 

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))