Landstar System upgraded to Outperform from Market Perform at Raymond James

Raymond James analyst Felix Boeschen upgraded Landstar System to Outperform from Market Perform with a $200 price target. The firm sees a favorable risk/reward, and that while it is difficult to pin-point the exact spot market bottom, rates likely can’t get materially worse, the analyst tells investors in a research note. The transport complex is likely on the verge of more material outperformance as key economic indicators turn negative y/y based on historic patterns, even as estimates drift lower, Raymond James contends, adding that Landstar is largely isolated from equipment cost headwinds that aren’t abating across the truck industry.