Landstar System price target lowered to $165 from $172 at Evercore ISI

Evercore ISI analyst Jonathan Chappell lowered the firm’s price target on Landstar System to $165 from $172 and keeps an In Line rating on the shares. The firm is making “large cuts” to Q2 and second half EPS estimates across the surface transportation sector and argues that the absence of a May bottom in TL pricing and LTL tonnage, coupled with intermodal pricing and loads that “remain under extreme duress along with brokerage spreads,” is likely to result in “vast misses” and lowers through this next earnings season.