UPDATE: Benchmark Starts Expeditors Int'l (EXPD) at Hold
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Benchmark analyst Chris Kuhn initiates coverage on Expeditors Int'l (NASDAQ: EXPD) with a Hold rating.
The analyst comments "We are initiating coverage of Expeditors International of Washington (EXPD) with a Hold rating. EXPD is a leading provider of asset light global air and ocean freight forwarding services. The company has taken advantage of the strong growth in the freight forwarding market resulting in record gross revenue and operating profit margins in 2021. However, as tight capacity in the air and ocean markets eventually normalize, we expect revenue and operating margins to also revert to normal levels. While we model an EPS decline in 2023, we believe EXPD is in a strong position to see continued long-term earnings growth. That said, we are Hold rated as we believe EXPD's valuation adequately accounts for declining operating results in 2023, particularly as we see other transport companies experiencing growth."
Shares of Expeditors Int'l closed at $98.18 yesterday.
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