UBS initiated coverage of Landstar System with a Neutral rating and $209 price target. The company’s asset light model is levered to the truckload market and both pricing and load growth are key drivers of its earnings performance, the analyst tells investors in a research note. The firm expects a combination of gradual improvement in freight demand and attrition in capacity to translate to an improving truckload market in 2024. However, the stock is already reflecting the expectation of a meaningful cyclical upturn, says UBS.
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