Ryder initiated with a Positive at Susquehanna

Susquehanna initiated coverage of Ryder (R) with a Positive rating and $215 price target The firm sees a path to “strong” earnings growth for Ryder from a cyclical Inflection, a stagflationary tuck environment, and capital deployment from free cash flow. The company’s shifts in lease structure and accounting have cyclically de-risked its earnings and cash flow relative to history, the analyst tells investors in a research note. Susquehanna believes Ryder is “uniquely positioned” to withstand a freight trough given its majority of long-term contractual businesses.