Schneider National (SNDR) PT Raised to $27 at UBS

UBS analyst Thomas Wadewitz raised the price target on Schneider National (NYSE: SNDR) to $27.00 (from $25.00) while maintaining a Neutral rating.

The analyst commented, "SNDR expects rate increases in its Network trucking business to be in the mid to high single digit range for the full year. This is consistent with the rate commentary we heard from large shippers at a meeting we hosted recently (link). SNDR's spot exposure in Network is in the low double digits, which is elevated vs. the normal MSD exposure. This will enable SNDR to realize the benefit of higher spot rates and shift capacity to accretive contractual opportunities as bid season progresses. In Dedicated, SNDR indicated that rates improved y/y and sequentially in 1Q. Given the longer term nature of Dedicated contracts (median 3 years), SNDR can renew about ⅓ of its Dedicated book each year. SNDR can also realize stro."

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