C. H. Robinson Worldwide (CHRW): Raising PT - Stifel
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Stifel analyst, John Larkin, reiterated his Buy rating on shares of C.H. Robinson Worldwide (NASDAQ: CHRW) and raised his price target from $79 to $81 after the company agreed to acquire APC Logistics for $225 million. The company will be integrated into CHRW's Global Forwarding division, and the acquisition is expected to be accretive in 2016 and 2017.
The analyst stated "Andy Clarke (CFO) hits his first deal with C.H. Robinson, supporting a component of our thesis on the growth potential in the name. While the deal is nothing like Phoenix or Freightquote, it is important to take notice that the company is still active sourcing inorganic growth, which we see as an important part of the story moving forward. We will continue to look forward to accretive deals to help support the company's inorganic growth profile".
Shares of C.H. Robinson Worldwide closed at $69.42 yesterday.
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