Expeditors downgraded to Underperform from Neutral at BofA

BofA downgraded Expeditors (EXPD) to Underperform from Neutral with a price target of $118, up from $117. Containership rates are sliding rapidly from current levels given excess supply and muted demand, the analyst tells investors in a research note. BofA believes freight forwarders lose relative share to asset-based liner companies who use pricing to gain relative share amid periods of rapidly falling vessel rates. Additionally, the firm notes that demand remains more muted than expected, particularly on the drawdown through the tariff air pocket.