Landstar System price target lowered to $190 from $210 at Stephens

Stephens lowered the firm’s price target on Landstar System to $190 from $210 and keeps an Equal Weight rating on the shares. While the freight market continues to face headwinds, the company reported Q3 results in-line with its conservative guidance, but also guided Q4 below consensus at midpoint die to soft overall demand trends, the analyst tells investors. Stephens believes the shares are unlikely to move higher until spot rates begin to regain momentum, but, in the long term, the firm does “appreciate” the company’s business model.