Oppenheimer Reiterates an 'Outperform' on Landstar System (LSTR); Adjusting Numbers on Chopiness

August 31, 2012 8:53 AM EDT
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Price: $83.35 --0%

Rating Summary:
    1 Buy, 19 Hold, 5 Sell

Rating Trend: = Flat

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    Up: 15 | Down: 17 | New: 10
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Oppenheimer reiterates an 'Outperform' on Landstar System (NASDAQ: LSTR) price target of $60.00.

Analyst, Scott Schneeberger, said, "Consistent with past practice, LSTR held its 3Q12 mid-quarter guidance call at 2pm yesterday. It tempered 3Q12 revenue/EPS guidance noting "choppiness" in volume growth during the first eight weeks of 3Q12, with some days +10% y/y and others flat y/y, while revenue/load has been flat y/y. While the final five weeks of 3Q are typically seasonally stronger than the first eight, LSTR viewed it prudent to reflect most recent trends. Prior 3Q12 revenue/EPS guidance updated to "mid-single digits" (meaning 3-7%)/$0.66-0.71 (3-11% y/y) from 7-10%/$0.71-0.75 (11-17% y/y), respectively. Believing the market had anticipated slight softening given recent macro headlines, the shares still ceded 4% in afternoon trading."

FY12 EPS estimate lowered from $2.72 to $2.64 and FY13 from $3.12 to $3.02.

For an analyst ratings summary and ratings history on Landstar System click here. For more ratings news on Landstar System click here.

Shares of Landstar System closed at $47.69 yesterday.

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