Wolfe upgrades ‘materially over-earning’ Ryder to Outperform

As previously reported, Wolfe Research analyst Scott Group upgraded Ryder to Outperform from Peer Perform with a $100 price target. With record used truck prices and very strong commercial rental demand, Ryder is "materially over-earning right now," Group tells investors. While he expects earnings to normalize lower over the next couple of years, the current valuation is attractive and there is potential for a take-out, Group added.