Stifel Resumes Ryder Systems (R) at Hold
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Stifel analyst Joseph W. DeNardi resumes coverage on Ryder Systems (NYSE: R) with a Hold rating and a price target of $85.00.
The analyst comments "We are resuming coverage of Ryder System, Inc. (R) with a Hold rating and $85 target price. Ryder is a leading truck and tractor lessor and provides a variety of services related to the truck such as maintenance, fuel purchasing, rentals and dedicated transportation as well as, supply chain solutions. Ryder has significant exposure to the used truck market, which has been overwhelmingly positive in the past couple quarters and has contributed meaningfully to improving earnings/FCF. We continue to see a pathway to improving truck leasing activity and used sales but believe these gains have been pulled forward with shares now trading only slightly below the five and ten-year average FY2 P/E. We see modest upside, driven by earnings growth, but believe multiple expansion relies on a shift to the less asset-intensive supply chain business. That, however, is likely to happen slowly as FMS continues to comprise ~60% of revenues."
Shares of Ryder Systems closed at $71.77 yesterday.
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