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They went into low gear ahead of the broader market in March, with some hitting their lows in the weeks before the market bottom on March 23.
"Our broader cyclical view of transports is unchanged: we have viewed 2020 as a likely cyclical trough for the group, a critical cyclical catalyst for domestic US freight transports," wrote Baird analysts. "The COVID-19 pandemic has clearly added incremental demand risk to the group during 2020, but historically speaking, quality freight transports tend to outperform during periods of U.S. recession.
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