UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT for Ryder System

In a report published earlier today, Jefferies & Company, Inc. reiterated its Buy rating for Ryder System, Inc. R, but lowered its price target from $72.00 to $61.00. Jefferies went on to say “R guided 2Q EPS $0.18 (or 15%) and 2012 EPS by $0.34 (or 8%) below consensus. Healthcare represented $0.05 of the $0.18 guide-down, with weaker rental volumes driving the rest. This weaker rental demand led the company to downsize the fleet by dropping more trucks into the wholesale vs. retail sales channels (which, by definition, are lower margin). We think mgmt has consciously cleared the decks with the updated guidance.” Ryder System, Inc. closed yesterday at $40.75.