UPDATE: Wunderlich Reiterates Hold Rating, Lowers PT on C.H. Robinson Worldwide
In a report published Wednesday, Wunderlich Securities reiterated its Hold rating on C.H. Robinson Worldwide (NASDAQ: CHRW), but lowered its price target from $68.00 to $60.00.
Wunderlich noted, “C.H. Robinson reported 2Q12 results after the close last night, posting in-line EPS of $0.71 on weaker-than-expected net revenue of $425.5 million. These results won't come as much of a surprise as the company continued to struggle with net revenue margin compression, especially in the transportation division, where net revenue grew just 0.3%. The truck segment was particularly weak, with net revenue down 0.5% yr./yr. and 0.9% sequentially from 1Q12 (seasonally the weakest quarter). Management stressed, however, that they remain focused on the long-term potential of CHRW's best-in-class brokerage model. We maintain our Hold rating and are lowering our price target to $60 from $68.”
C.H. Robinson Worldwide closed on Tuesday at$56.25.
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