UPDATE: Morgan Stanley Upgrades Expeditors International of Washington to Equal-Weight, Raises PT Just In Case the Cycle Call Works

In a report published Wednesday, Morgan Stanley analyst William J. Greene upgraded the rating on

from Underweight to Equal-Weight, and raised the price target from $41.00 to $46.00. In the report, Morgan Stanley noted, "We view EXPD as a bet on global trade. Given the stronger US$ and lower fuel prices, we think a rebound in US consumer spending could drive a meaningful cyclical acceleration in EXPD revenue and EPS growth. That said, there are a number of structural issues that can weigh on growth over time (e.g., changing freight flows, miniaturization, near-shoring, increased price transparency) and do not support a constructive view on shares given current valuation. Thus, we rate EXPD EW." Expeditors International of Washington closed on Tuesday at $47.88.