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Expeditors International (EXPD)


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We maintain our Underperform recommendation on Expeditors International (EXPD). The company's second quarter earnings missed the Zacks Consensus Estimate as well as the year-ago earnings, given low revenue yield in the air and ocean freight segments. Total revenue was also lower than expected given an unfavorable demand trend.

We remain concerned over the macroeconomic environment that continues to affect the global demand trend, thereby hurting Expeditors' performance. Further, a hike in freight rates by ocean liners is also expected to pose a headwind to the company.

Competitive threats as well as dependence on asset-based transportation providers contribute to our negative stance on the company. Hence, we have an Underperform rating with the price target of $35, based on 21.5x our earnings estimate for 2012.

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