UPDATE: Sterne Agee Initiates Expeditors International of Washington at Buy
Sterne Agee initiated Expeditors International of Washington (NASDAQ: EXPD) with a Buy rating and a $53 price target on data pointing to possible turnaround in transoceanic shipping.
Sterne Agee commented, "The weakness in Global Trade has weighed on the shares of international forwarding companies over the past year, but we are picking up datapoints that the slowdown in the Asia-to-U.S. trade lane may be turning, and we believe the shares are attractively valued with strong cash flows and a debt-free balance sheet. This is also an interesting equity to own if the world is slower than we expect it to be."
Expeditors International of Washington closed at $35.00 on Monday.
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