UPDATE: Goldman Sachs Raises PT to $66 on C.H. Robinson Worldwide
Goldman Sachs reiterated its Neutral rating on C.H. Robinson Worldwide (NASDAQ: CHRW) and raised its price target from $56 to $66.
Goldman Sachs noted, "Purchased transportation costs remain a concern, however, supply side constraints have loosened thus far in 4Q, driving flat net revenue margins in October. While we expect cost pressures to persist in the near-term, we note that comps would get easier from here. … We raise our 12-month price target for CHRW to $66 from $56 as we roll forward our NTM EPS estimates. We value the shares using a 22.4X forward multiple, from 19.9x previously, which assumes a smaller 10% discount from 20% (old) to its mean since 2005 as margins would begin to expand again."
C.H. Robinson Worldwide closed at $60.68 on Tuesday.
Latest Ratings for CHRW
|Aug 2016||Morgan Stanley||Maintains||Underweight|
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