Expeditors price target raised to $104 from $103 at Goldman Sachs

Goldman Sachs analyst Jordan Alliger raised the firm’s price target on Expeditors to $104 from $103 but keeps a Sell rating on the shares after its Q4 earnings miss. Pressures on pricing and volumes in ocean and air rates pressured both gross and net revenues, leading to lower-than-forecast operating income, the analyst tells investors in a research note. Capacity continues to enter the market in the foreseeable future, with still uncertain timing for a full snapback in goods demand and restocking until the latter part of 2024, which may do little to dent the impact of capacity on rates in 2024, the firm added.