Goldman Sachs Reiterates Top Rating on Expeditors (EXPD) Citing Positive Trade Data
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Price: $187.81 +0.76%
Rating Summary:
8 Buy, 18 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
8 Buy, 18 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Goldman Sachs made positive comments on Expeditors Int'l (NASDAQ: EXPD) Tuesday, saying green shoots are emerging. The firm reiterated its Conviction Buy List rating and $43 price target.
The firm sees a couple key trends emerging in global freight flows. First, the transpacific inbound traffic appears to be improving while domestic US trade data continues to decelerate. Second, in the U.S., B2C related freight remains healthy, while B2B has been softening due to industrial activity slowing on "fiscal cliff" concerns.
"In our view, the Transpacific trade flows provide an incrementally positive read through for EXPD (CL-Buy)," the analyst comments. "Container seafreight volumes were encouraging at gateway terminals of LA/Long Beach, reporting 4% yoy growth in October. Key airfreight indicators from Asia have also been positive, noting two consecutive months of low-single digit volume growth at HACTL and for CX last month. While the road to recovery remains choppy, the freight traffic data points appear to be balanced slightly more favorably than during 1H12. Looking forward, we expect re-stocking to drive freight and should be sustained by US housing-related shipments."
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 $36.20 yesterday.
The firm sees a couple key trends emerging in global freight flows. First, the transpacific inbound traffic appears to be improving while domestic US trade data continues to decelerate. Second, in the U.S., B2C related freight remains healthy, while B2B has been softening due to industrial activity slowing on "fiscal cliff" concerns.
"In our view, the Transpacific trade flows provide an incrementally positive read through for EXPD (CL-Buy)," the analyst comments. "Container seafreight volumes were encouraging at gateway terminals of LA/Long Beach, reporting 4% yoy growth in October. Key airfreight indicators from Asia have also been positive, noting two consecutive months of low-single digit volume growth at HACTL and for CX last month. While the road to recovery remains choppy, the freight traffic data points appear to be balanced slightly more favorably than during 1H12. Looking forward, we expect re-stocking to drive freight and should be sustained by US housing-related shipments."
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 $36.20 yesterday.
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