Morgan Stanley Maintains Echo Global Logistics to Overweight with Price Target $32.00

Brokerage firm Morgan Stanley Maintains its rating on Echo Global Logistics(NASDAQ:ECHO). In a research note issued to the investors, the brokerage major Lowers the price-target to $32.00 per share. The shares have been rated Overweight. The rating by Morgan Stanley was issued on Jul 28, 2016.

In a different note, JP Morgan said it Initiates Coverage on Echo Global Logistics, according to a research note issued on Jul 11, 2016. The shares have been rated ‘Overweight’ by the firm. On Jul 11, 2016, UBS said it Downgrades its rating on Echo Global Logistics. The shares have been rated ‘Neutral’ by the firm.

Echo Global Logistics (ECHO) made into the market gainers list on Thursdays trading session with the shares advancing 0.61% or 0.15 points. Due to strong positive momentum, the stock ended at $24.91, which is also near the day’s high of $25.06. The stock began the session at $24.85 and the volume stood at 1,21,944 shares. The 52-week high of the shares is $32.95 and the 52 week low is $16.56. The company has a current market capitalization of $730 M and it has 2,93,06,145 shares in outstanding.

Echo Global Logistics(ECHO) last announced its earnings results on Jul 27, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $443.83M. Analysts had an estimated revenue of $437.38M. Earnings per share were $0.27. Analysts had estimated an EPS of $0.32.

Several Insider Transactions has been reported to the SEC. On Mar 11, 2016, Kyle Sauers (Chief Financial Officer) sold 16,765 shares at $25.53 per share price.Also, On Aug 19, 2015, Douglas R Waggoner (Chief Executive Officer) sold 8,000 shares at $24.99 per share price.On Mar 20, 2015, Bradley A Keywell (director) sold 35,000 shares at $27.17 per share price, according to the Form-4 filing with the securities and exchange commission.

Echo Global Logistics Inc. is a provider of technology-enabled transportation and supply chain management services delivered on a technology platform serving the transportation and logistics needs of its clients. The Company provides services across major transportation modes including truckload (TL) less-than-truckload (LTL) small parcel intermodal domestic air and international. The Company’s core logistics services include rate negotiation shipment execution and tracking carrier selection and management routing compliance freight bill audit and payment and performance management and reporting functions including executive dashboard tools. It procures transportation and provides logistics services for clients across industries such as manufacturing construction consumer products and retail.

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