KeyBanc Makes Recommendations After Annual Industrial, Transportation and Automotive Conference
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KeyBanc makes recommendations after annual Industrial, Transportation and Automotive conference.
KeyBanc analyst says, "Following our annual Industrial, Transportation and Automotive conference, our outlook is increasingly constructive as freight activity, while constrained, continues to exhibit gradual improvement from late 2008/early 2009 lows while improved inventory levels have alleviated destocking pressure, contributing to modestly better capacity dynamics and spot pricing in recent weeks. In addition, cost initiatives by several carriers should partially offset volume and pricing pressure on margins, though we acknowledge several downside risks remain (excess capacity, automotive shutdowns, unemployment). Considering these factors, we are upgrading our ratings on Celadon Group (NASDAQ: CLDN) and Forward Air (NASDAQ: FRWD) to BUY from HOLD, and increasing our price targets on J.B. Hunt Transport Services (NASDAQ: JBHT) to $38 (from $33) and Landstar System (NASDAQ: LSTR) to $42 (from $40)."
"Increasing our 2Q09 estimates for Werner Enterprises (NASDAQ: WERN) to $0.18 (from $0.12) and our 2009 estimates to $0.65 (from $0.55) on improving asset-utilization and cost reduction initiatives. There is no change to our HOLD rating...Reducing our 2009 and 2010 estimates for Ryder System (NYSE: R) to $1.55 (from $1.75) and $2.15 (from $2.25), respectively, primarily related to automotive exposure in its supply-chain segment and continued softness in core leasing/rental trends."
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