UPDATE: Goldman Sachs Upgrades Ryder System to Buy on Domestic Freight Exposure
Goldman Sachs upgraded Ryder System (NYSE: R) from Neutral to Buy with a $63 price target.
Goldman Sachs noted, "We upgrade R stock to Buy from Neutral, as we see it as an attractive, early cycle way to gain exposure to what we believe will be an improvement in domestic freight flows in 2013. Ryder stands to benefit from increased rental and leasing activity as domestic economic growth picks up, and as more customers choose to outsource transportation planning and decision making to 3rd party dedicated truckers, such as R. Valuations remain undemanding at just 11.5X 2013E P/E, and multiples should expand as earnings growth rebounds in 2013."
Ryder System closed at $52.02 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.