UPDATE: Jefferies Lowers PT on C.H. Robinson Worldwide on Missed 4Q Consensus

In a report published Wednesday, Jefferies reiterated its Hold rating on C.H. Robinson Worldwide

, but lowered its price target from $66.00 to $61.00. Jefferies noted, “CHRW's 4Q report missed consensus by $0.02 on lower-than-expected yields and margins. As outlined in our January 3 sector preview, 4Q was a rare combination of volatile freight (both the best and worst weeks YoY for freight due to Hurricane Sandy) and 3%-5% YoY declines in TL spot rates. As such, 4Q was an imbalanced market and should've been an optimal combination for CHRW. Given the miss, we thought 4Q validated the bear view.” C.H. Robinson Worldwide closed on Tuesday at $67.01