Susquehanna analyst Bascome Majors lowered the firm’s price target on Landstar System (LSTR) to $175 from $196 and keeps a Neutral rating on the shares. Truck brokers “face a difficult cyclical path into 2024,” says the firm, which adds that it sees the truckload brokerage model as “the most challenged in transports.” The firm is cutting its second half and 2024 brokerage forecasts, with “the most severe downside” seen for contractually levered C.H. Robinson (CHRW) and RXO Inc. (RXO), the analyst tells investors.
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