11:50 AM EDT, 03/28/2025 (MT Newswires) -- Schneider National ( SNDR ) is seeing decreasing demand due to tariff uncertainty and slowing consumer spending, BofA Securities said in a note to clients Friday.

Schneider normally sees an increase in freight volumes as it exits Q1, but volumes have been muted recently and are believed to have declined in February and March, the note said.

The investment firm cut Schneider's Q1 earnings per share estimate to $0.11 from $0.17 and the 2025 EPS estimate to $0.85 from $1.05, compared with the company's guidance for $0.90 to $1.20.

BofA Securities downgraded Schneider to neutral from buy and lowered the company's price target to $25 from $34.

Schneider shares were falling past 3% in recent trading.

Price: 22.67, Change: -0.80, Percent Change: -3.41