Expeditors International (EXPD) - Bear of the Day
26 Juni 2012 - 2:00AM
Zacks
We downgrade our recommendation on
Expeditors International
(EXPD) to Underperform, given a lackluster performance in its first
quarter. The company's adjusted earnings missed the Zacks Consensus
Estimate and deteriorated from the year-ago level.
A dull revenue performance in air and ocean freight segments was
primarily responsible for the underperformance. Total revenue was
also lower than expected, given an unfavorable demand trend.
We remain concerned about the macroeconomic environment that
continues to affect global demand trends, thereby hurting
Expeditors' performance. Hence our Underperform rating with a price
target of $35, based on 19.6x our earnings estimate for 2012.
EXPEDITORS INTL (EXPD): Free Stock Analysis Report
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