Landstar System price target lowered to $195 from $205 at Raymond James

Raymond James analyst David Hicks lowered the firm’s price target on Landstar System to $195 from $205 and keeps an Outperform rating on the shares. Landstar reported Q2 results ahead of expectations, while Q3 guidance was weak, the analyst tells investors in a research note. Landstar’s over-indexed nature to the spot market makes it one of, if not the first beneficiaries of an upward cycle inflection among transports, and the impending inflection in the cycle will be more driven by supply exits, which could play to Landstar’s benefit relative to other freight brokers, the firm says.