UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Expeditors International of Washington on Improved Airfreight Volumes

In a report published Wednesday, Jefferies reiterated its Buy rating on Expeditors International of Washington

, but lowered its price target from $47.00 to $44.00. Jefferies noted, “EXPD sold off 7.3% following a 7.0% earnings miss. Better-than-expected airfreight volumes drove a yield squeeze, similar to what happened in UPS's forwarding unit in 4Q. The silver lining: demand is improving; EXPD's airfreight gross revenues improved the most sequentially for a 4Q since 2009.” Expeditors International of Washington closed on Tuesday at $37.06.