Barclays analyst Brandon Oglenski downgraded Expeditors International of Washington to Equal Weight from Overweight and lowered his price target for the shares to $72 from $78. The analyst advises investors to reduce exposure to the North American Transportation sector. With another "material decline" in rail demand this summer, coupled with "persistent" global trade challenges and "muted" trucking data, negative transport earnings revisions could be "quite negative" this quarter, Oglenski tells investors in a research note. The analyst cites Expeditors' "relatively high" valuation and large exposure to the trans-pacific market for his downgrade to Equal Weight. Inventory level internationalization could take well into 2020 to resolve, leaving a "subdued" near-term outlook for many transportation equities, argues Oglenski.