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Fly News Breaks for February 14, 2020
R
Feb 14, 2020 | 08:39 EDT
JPMorgan analyst Brian Ossenbeck lowered his price target for Ryder System to $42 from $49 and reiterates an Underweight rating on the shares. The company's initial 2020 outlook fell short of expectations, says the analyst. He believes that even if management's "cushion" for residual values is large enough to navigate a softer freight market in the first half of 2020, Ryder is "entering uncharted waters as growth decelerates to pursue profitability." Ossenbeck sees limited visibility into the "steady-state earnings power" of the new Ryder and believes it will not likely become any clearer over the next year.
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