KeyBanc Upgrades Ryder Systems (R) to Buy; Along for the Ryder

KeyBanc upgraded Ryder Systems (NYSE: R) from Hold to Buy. PT $63.

KeyBanc analyst says, "We are upgrading shares of Ryder and establishing a $63 price target based on our view that: 1) current fleet dynamics and freight trends support a multi-year recovery in commercial vehicle leasing; 2) internal initiatives, acquisitions and share buybacks should result in margins and earnings above prior peak; and 3) favorable risk/reward at current valuation. We are increasing our 2011E to $3.05 (from $2.97, consensus $3.05, guidance $2.90-$3.00) and our 2012E to $3.85 (from $3.60, consensus $3.81) to reflect increased confidence in the current leasing cycle, recent acquisitions and internal initiatives."

For more ratings news on Ryder Systems click here and for the rating history of Ryder Systems click here.

Shares of Ryder Systems closed at $50.45 yesterday.

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