UPDATE: Citigroup Lowers PT on C.H. Robinson Worldwide from $65 to $57

Citigroup reiterated a Neutral rating on C.H. Robinson Worldwide (NASDAQ: CHRW) and lowered its price target from $65 to $57.

Citigroup commented, “C.H. Robinson posted 2Q12 EPS of $0.71, in-line with our estimates and in line with consensus, however, core operating trends were a bit underwhelming, particularly as Truck fell below expectations. Truck volumes were relatively strong at +10% YoY and pricing was still positive at 1%, however, similar to recent quarters, the cost of capacity rose faster (+3% in 2Q12) resulting in net margin contraction. Truck net revenues posted a decline of 50 bps to $313 million, below our +3.0% target ($324 million target), marking its first decline since 2Q10.”

C.H. Robinson WorldWide closed at $56.25 on Tuesday.

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