UBS Raises Price Target on C. H. Robinson Worldwide (CHRW) Ahead of 3Q Results

UBS maintained a Sell rating on C.H. Robinson Worldwide (NASDAQ: CHRW), and raised the price target to $70.00 (from $64.00), ahead of the company's 3Q15 earnings results. CHRW is scheduled to report 3Q earnings on 10/27.

Analyst Thomas Wadewitz commented, "We are raising our 3Q15 EPS estimate from $0.93/share to $0.98/share driven by our expectation of stronger gross margin performance in domestic TL brokerage which is only partially offset by weaker gross revenue. The underlying driver of both changes is a truckload spot market which has gotten looser in 3Q compared to 2Q. CHRW's ~50/50 split of contract and spot business on the shipper side (vs buying >90% of capacity spot) supports a sequential rise in gross profit and a likely boost to their 3Q and 4Q EPS. Our new 3Q EPS is well above Consensus of $0.94/share."

For an analyst ratings summary and ratings history on C.H. Robinson Worldwide click here. For more ratings news on C.H. Robinson Worldwide click here.

Shares of C.H. Robinson Worldwide closed at $72.79 yesterday.

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