UPDATE: Piper Jaffray Lowers PT on Landstar System to $48

Piper Jaffray is out with its report today on Landstar System (NASDAQ: LSTR), lowering its PT from $53 to $48.

In its report, Piper Jaffray writes, "Retaining Neutral rating. We believe LSTR's mid quarter update commentary was in line to modestly more upbeat than our recent channel checks and market expectations. Our EPS estimates remain unchanged however we have lowered our target multiple and price target discounting incremental potential for slower broader Transport market growth in the next twelve months."

Shares of LSTR closed Friday at $39.46.