Expeditors initiated with a Hold at Truist

Truist analyst Lucas Servera initiated coverage of Expeditors (EXPD) with a Hold rating and $110 price target The company’s global exposure to air and ocean freight is likely to pressure its growth given the geopolitical tension, potential for trade wars, and nearshoring trends, the analyst tells investors in a research note. The firm sees no catalysts for a significant EBIT margin uplift at Expeditors beyond the normalized historical range or 9%-10%. This makes it difficult to build a more bullish case for the stock at current levels, contends Truist.