Stifel analyst David Ross downgraded Ryder System to Hold from Buy with a price target of $51, down from $65. The company reported a Q3 miss and guide-down due to continued weakness in used tractor prices, Ross tells investors in a post-earnings research note titled "How Low Can You Go? Stock Continues to Fall." The earnings call focused mainly on the company's significant adjustment to residual values and depreciation expense, as investors and analysts look for an end to the "Ryder water torture," adds the analyst. While the policy adjustment was the right step, "it doesn't clear the deck," as further accelerated depreciation is still planned through 2020, says Ross. As such, he sees a "likely balanced upside/downside scenario" over the next year for the shares.