UBS Raises Price Target on Expeditors Int'l (EXPD) to $43; Maintains Sell Rating

UBS reiterated a Sell rating on Expeditors Int'l (NASDAQ: EXPD), and raised the price target to $43.00 (from $42.00), following the company's 2Q earnings report. EXPD reported EPS of $0.63, ahead of the Consensus of $0.59.

Analyst Thomas Wadewitz commented, "On Tuesday morning EXPD reported upside 2Q EPS of $0.63/share versus our forecast of $0.61 and Consensus of $0.59. While there were modest differences on a couple of items, most notable were the $10 mm better than forecast Customs / Other net revenue and other operating expense $3.7 mm lower than we expected. Lower tax rate was offset by less than forecast other income. Total gross revenue -12.8% y/y fell harder than we expected (-8.8% est) but this was more than offset by about 380 bp of yield expansion in air and 550 bp in ocean y/y. EXPD's 2Q EPS was up 3% y/y."

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 $51.29 yesterday.

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