Ryder price target raised to $113 from $110 at Stephens

Stephens raised the firm’s price target on Ryder to $113 from $110 and keeps an Equal Weight rating on the shares. Ryder reported Q4 results ahead of the Street view and issued 2024 adjusted EPS guidance that was roughly inline with the Street estimate, but guidance for Q1 was well below the Street estimate with management noting an expectation for seasonal pressure, the analyst tells investors. While Ryder has been more resilient through this down-cycle, the firm thinks investors will likely need to have more comfort around the bottom of earnings and a trough in its transactional businesses before rerating the stock higher, the analyst added.