Ryder downgraded at Wolfe Research to Peer Perform from Outperform

Wolfe Research downgraded Ryder to Peer Perform from Outperform without a price target as part of the firm’s Q3 Transport preview. While Ryder has managed this downturn quite well so far with tailwinds from strong leasing pricing, Wolfe sees EPS risk into next year with continued muted freight demand, further downside to used truck prices, and potentially moderating leasing pricing gains, the analyst tells investors in a research note. The firm still believes valuation should be supportive of the stock even as it moves to the sidelines.