Expeditors International (EXPD) - Bear of the Day
25 September 2012 - 2:00AM
Zacks
We maintain our Underperform recommendation on
Expeditors
International (EXPD). The company's second quarter earnings
missed the Zacks Consensus Estimate as well as the year-ago
earnings, given low revenue yield in the air and ocean freight
segments. Total revenue was also lower than expected given an
unfavorable demand trend.
We remain concerned over the macroeconomic environment that
continues to affect the global demand trend, thereby hurting
Expeditors' performance. Further, a hike in freight rates by ocean
liners is also expected to pose a headwind to the company.
Competitive threats as well as dependence on asset-based
transportation providers contribute to our negative stance on the
company. Hence, we have an Underperform rating with the price
target of $35, based on 21.5x our earnings estimate for 2012.
EXPEDITORS INTL (EXPD): Free Stock Analysis Report
EXPEDITORS INTL (EXPD): Free Stock Analysis Report
EXPEDITORS INTL (EXPD): Free Stock Analysis Report
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