Expeditors price target lowered to $114 from $118 at Stifel

Stifel lowered the firm’s price target on Expeditors (EXPD) to $114 from $118 and keeps a Hold rating on the shares. Since last week, spot rates have moved higher despite “no discernible change in core freight demand,” says the analyst, who thinks investors should continue to expect muted demand with a sub-seasonal second half and soft peak season. Third-party logistics gross margins should temporarily compress, the analyst added.