Jefferies Upgrades Expeditors Int'l (EXPD) to Buy

Jefferies upgraded Expeditors Int'l (NASDAQ: EXPD) from Neutral to Buy with a price target of $53 (up from $45).

The firm comments, "We upgraded EXPD to Buy with 25% potential upside. Asian airfreight demand is the primary driver of EXPD's gross revenue, EPS, and valuation. Such demand appears to be nearing a bottom after an 18-month slide, which we believe drove 25pp of underperformance in 2011. Valuation has only been this low immediately after 9/11 and at the height of the post-Lehman financial crisis."

The firm maintained FY12 EPS at $1.83 and lifted FY13 EPS from $1.95 to $2.04.

For an analyst ratings summary and ratings history on Expeditors Int'l click here. For more ratings news on Expeditors Int'l click here.

Shares of Expeditors Int'l closed at $42.48 yesterday.

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