Knight Transportation (NYSE:KNX) announced its Q2 financial results on Thursday. The company reported EPS of $0.49 for the quarter, which was lower than the Street estimate of $0.59. Additionally, their revenue for the quarter was $1.6 billion, matching the consensus estimate.

Knight Transportation provided guidance for the fiscal year 2023, projecting EPS to be in the range of $2.10 to $2.30, significantly lower than the Street estimate of $2.76.

Following the release of these results, CFRA downgraded Knight Transportation from Hold to Sell, setting a price target of $48.00. Similarly, Evercore ISI downgraded the company from Outperform to In Line, adjusting the price target to $52.00 from the previous $60.00.