Bank of America/Merrill Lynch Upgrades C.H. Robinson Worldwide (CHRW)

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On Wednesday, analysts at Bank of America/Merrill Lynch upgraded C.H. Robinson Worldwide, Inc. ( CHRW ) from "Neutral" to "Buy".

The logistics company was upgraded with a new price target of $71, up from $64. The new price target is a 12.7% increase from Wednesday's opening share price of $63.

Bank of America/Merrill Lynch analysts believe that CHRW's stock will rise due to significant strategic moves, including purchases and liquidations recently made that sets the company up for increased margins in the global freight and trucking markets.

C.H. Robinson Worldwide shares are up 80 cents, or 1.31%, in afternoon trading on Wednesday.

The Bottom Line
Shares of C.H. Robinson Worldwide ( CHRW ) have a 2.17% dividend yield, based on last night's closing stock price of $60.90. The stock has technical support in the $53-$56 price area. If the shares can firm up, we see overhead resistance around the $64-$65 price levels.

C.H. Robinson Worldwide, Inc. ( CHRW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Created by Dividend.com

This article appears in: Investing , Stocks
Referenced Symbols: CHRW

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