Expeditors price target lowered to $117 from $124 at BofA

BofA lowered the firm’s price target on Expeditors (EXPD) to $117 from $124 and keeps a Neutral rating on the shares following Q1 results. The firm said that Expeditors noted uncertainty in Ocean, as it sees early signs that China to U.S. volumes are declining significantly since March 31. BofA added that it is too early to know what the decline in volumes might be, and it expects additional tariffs may cause more customers to pause or cancel shipments entirely. Near-term upside may be limited on uncertain demand/rate levels and its elevated multiple, the firm told investors in a research note.