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UPDATE: Stifel Nicolaus Downgrades Expeditors International of Washington Following 2Q13 EPS Beat

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In a report published Wednesday, Stifel Nicolaus analyst David Ross downgraded Expeditors International of Washington (NASDAQ: EXPD) from Buy to Hold, and removed the $40.00 price target.

In the report, Stifel Nicolaus noted, “We had a Buy rating on Expeditors for roughly the past nine months, as we sensed after four straight quarters of underperformance, the company was nearing the end of its earnings disappointments and was ‘due' to surprise to the upside and reverse expectations in 2013. Well, the company had one subsequent EPS miss in 4Q12 and then an in-line quarter in 1Q13, but in 2Q13, reported EPS of $0.45 - ahead of the Street consensus estimate of $0.43 and our estimate of $0.42. The stock has not performed as well as we would have thought given this turn in expectations, but that is because high-tech airfreight out of Asia has also remained weak (and we were looking for a potential mid-year inventory restock that did not materialize, although some believe it was just pushed out six months - we'll see).”

Expeditors International of Washington closed on Tuesday at $41.21.

Latest Ratings for EXPD

DateFirmActionFromTo
Nov 2020Morgan StanleyMaintainsEqual-Weight
Oct 2020Morgan StanleyMaintainsEqual-Weight
Sep 2020Wells FargoInitiates Coverage OnEqual-Weight

View More Analyst Ratings for EXPD
View the Latest Analyst Ratings

 

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Posted-In: David Ross Stifel NicolausAnalyst Color Downgrades Analyst Ratings

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