Stifel Nicolaus Upgrades Ryder System to Buy (R)

Stifel Nicolaus is out with its report today on Ryder System (NYSE: R), upgrading shares of R from Hold to Buy.

In a note to clients, Stifel Nicolaus writes, "We are upgrading the shares of Ryder System from Hold to Buy based on 1) the trend to outsourcing of private fleets we see continuing, 2) improved used truck pricing, 3) full-service leasing comps bottoming, 4) recent acquisitions likely accretive and more possible, and 5) a positive earnings momentum trend."

Deutsche Bank has a $60 PT on R.

Shares of R closed Monday at $50.42.