Raising Estimates and Blue Sky Scenarios; Reiterate Buy-Ratings on Early-Cycle LTL and Truckload

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Raising Estimates and Blue Sky Scenarios; Reiterate Buy-Ratings on Early-Cycle LTL and Truckload

Equity Research

23 June 2026 | 3:01AM EDT

AMERICAS TRANSPORTATION

Raising Estimates and Blue Sky Scenarios; Reiterate Buy-Ratings on

Early-Cycle LTL and Truckload

Bottom Line: We broadly raise estimates for LTL and truckload stocks over our Jordan Alliger

+1(212)357-4913 |

forecast period to 2028, and at the same time adjust higher our blue-sky jordan.alliger@gs.com

Goldman Sachs & Co. LLC

scenarios previously published on January 26th (see: Trucking and The 3-Legged

Andrzej Tomczyk, CFAStool; Blue Sky Potential = Further Upside Opportunity). In conjunction with the +1(212)357-4445 |

estimate raises, we also take up our price targets and remind that our blue sky cases andrzej.tomczyk@gs.comGoldman Sachs & Co. LLC

(blue sky values per share also raised versus prior) are posited as reasonable Paul Stoddard

scenarios should the bounce off the freight bottom be more pronounced than in our +1(801)744-3761paul.x.stoddard@gs.com|

base case and/or closer to prior cycle recoveries (Exhibit 8 - Exhibit 10). While we Goldman Sachs & Co. LLC

concede the recent run-up in trucking share prices (LTL and truckload stocks are

up 70% on average since our June 2 2025 Pivot to Trucking Upgrade and up 46%

YTD versus +26% and +10% for the S&P 500 over those same periods; see Exhibit

1 - Exhibit 4) provides somewhat less absolute upside versus earlier in the year,

the early cycle momentum and the very start of the earnings upgrade cycle

keeps us involved in the names on a relative basis – with support from a blue sky

outlook that could emerge as a real possibility sooner rather than later should

demand re-materialize.