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