As previously reported, KeyBanc analyst Todd Fowler downgraded Landstar System to Sector Weight from Overweight and modestly lowered estimates as his updated proprietary spot rate forecast implies more-modest revenue and EBIT growth into 2019 than previously contemplated, likely limiting positive estimate revisions going forward. That said, the analyst believes more-meaningful downside is limited given tailwinds from lower incentive compensation, favorable free cash supporting potential share repurchases and/or special dividends, and relative valuation.