Landstar System (LSTR) PT Raised to $153 at Cowen Ahead of Tough Comps in 2H21
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Cowen analyst Jason Seidl raised the price target on Landstar System (NASDAQ: LSTR) to $153.00 (from $131.00) after the company reported 4Q revenue growth of ~30%, beating the consensus forecast by ~8%. Upside was driven by 43.6% growth in its TL Van segment,and 34% growth in its Ocean and Air Cargo segment. Adj. EPS of $1.70 beat expectations of $1.67 and was roughly in line with the consensus forecast. Guidance for 1Q21 was also above expectations.
The analyst reiterated a Market Perform rating, stating "Looking at 2H21, LSTR anticipates a softening in truckload pricing in mid-to-late summer,due to the spike in rates experienced in 2020. While they are correct to be leery of tougher comps we would not be surprised to still see growth in 2H21."
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