UPDATE: JP Morgan Downgrades Landstar System to Neutral on Reduced EPS Visibility
JP Morgan downgraded Landstar System (NASDAQ: LSTR) from Overweight to Neutral and lowered the price target from $59.00 to $58.00.
JP Morgan noted, “LSTR reported downside 4Q EPS and in an unusual move declined to provide guidance for 2013. We believe that weaker than expected load volumes in both December and January were the driver of the lack of visibility communicated by LSTR management. Given concerns about near term weakness in demand and a lack of visibility to a clear catalyst for LSTR, we have elected to lower our rating from Overweight to Neutral.”
Landstar System closed at $57.04 on Thursday.
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