UPDATE: Goldman Sachs Initiates Sell, $35 PT on Expeditors International of Washington; De-Rating Story Continues

Goldman Sachs initiated its coverage on Expeditors International of Washington

with a Sell rating and a price target of $35 a share. Goldman Sachs said, "In our view, Expeditors Int'l (EXPD) is a well run business in a highly fragmented and competitive industry, but trade growth is slowing cyclically and we expect this to negatively impact the company's top line growth resulting in earnings to disappointment. We do not believe this is discounted at current valuations." Expeditors International of Washington closed at $36.91 on Wednesday.