Landstar System price target lowered to $177 from $185 at Stifel

Stifel lowered the firm’s price target on Landstar System to $177 from $185 and keeps a Hold rating on the shares. Currently, there is little need for shippers to seek ad hoc capacity, the analyst tells investors. Stifel does believes that in the long term, the 3PL market is a secular grower. In the near term, however, with expectations for an elongated fright trough and slow recovery, it will likely be at least a few quarters before the cycle begins to work for this group, the firm says.