UPDATE: Wunderlich Securities Reiterates Hold Rating, Lowers PT on Landstar
In a report published Friday, Wunderlich Securities reiterated its Hold rating on Landstar (NASDAQ: LSTR), but lowered its price target from $56.00 to $54.00.
Wunderlich noted, “We reiterate our Hold rating on Landstar and are lowering our price target from $56 to $54. We are also lowering our FY12 & FY13 EPS estimates from $2.78 and $3.10 to $2.73 and $3.00, respectively, following LSTR's mid-quarter update yesterday. On the call, Landstar lowered its 3Q12 EPS guidance range from $0.71-$0.75 to $0.66-$0.71 having completed 8 of the 13 weeks in 3Q12. Management cited choppy truck volumes, flattening rates yr/yr, and lower than expected revenues in its air and ocean segment. The company now anticipates revenue to increase in the mid-single digit range yr/yr (assuming trends persist in September) or down from its previous guidance of 7%-10% growth.”
Landstar System closed on Thursday at $47.69.
Latest Ratings for LSTR
|Oct 2014||Credit Suisse||Maintains||Neutral|
|Oct 2014||Wells Fargo||Initiates Coverage on||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.