Ryder initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Ryder (R) with an Overweight rating and $210 price target The firm sees upside the company’s earnings estimates and valuation from its improved business mix and execution. Ryder is a “secure way” to play a truck recovery, the analyst tells investors in a research note. Wells says that unlike most truckers, Ryder’s revenues are almost entirely contracted with inflationary price escalators.