Ryder Systems (R) Earnings Preview - KeyBanc
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KeyBanc analyst Todd Fowler reiterated a Sector Weight rating on Ryder Systems (NYSE: R) to reflect improved rental utilization and a brighter used vehicle outlook. Along with subsiding depreciation headwinds and improved DTS/SCS performance, we see a notable earnings step-up (revised 2021E of $0.10 from breakeven; 4Q20E of $1.20 from $1.09, ex ~$0.45 of pandemic bonus; 2021E to $3.90 from $3.25).
The analyst stated "With fundamentals the strongest in several years, we are incrementally constructive and believe significant residual adjustments in recent years clear a path for more normalized gains going forward. That said, we would wait for a better entry point as we see 2021
guidance (if provided) largely in line and valuation fair."
Shares of Ryder Systems closed at $67.25 yesterday.
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