TD Cowen lowers Expeditors rating to 'sell', cuts PT

Expeditors International of Washington

14/10/2024 13:18

** TD Cowen downgrades rating for logistics provider
Expeditors International of Washington  EXPD.N  to "sell" from
"hold"
    ** Cuts PT to $106 from $112, representing a ~14% downside
to the stock's last close
    ** Says EXPD's outlook worsened as temporary support from
Red Sea and port strike to dissipate
    ** "Exogenous factors propping the forwarding market have
proven temporary with a short-lived port strike and adaptation
to Red Sea congestion well underway at this stage" - brokerage
    ** Brokerage says co's reversion to pre-COVID margins should
be challenged amid growing ocean capacity
    ** Ten brokerages rate the stock "hold" and seven "sell" or
lower; their median PT is $115.50 - LSEG data
    ** As of last close, stock had fallen 3.3% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))