Piper Jaffray Neutral On C.H. Robinson (CHRW)

Piper Jaffray has a Neutral rating and a $79 price target on shares of C.H. Robinson CHRW. In a note to clients, Piper Jaffray writes, "Last Friday we hosted investor meetings with CHRW senior mgmt in Minneapolis. Mgmt reiterated CHRW's longer term plans to grow through (1) market share gains within core domestic Transportation offering, (2) expanding the services platform, and (3) Int'l forwarding. A portion of this growth – similar to years past – is likely through tuck-in acqs and we believe in the intermediate term Domestic may make more sense than Int'l given continued consolidated IT platform rollout time frame. While CHRW likely meets or surpasses its longer term top and bottom line growth target of 15%, near term, we believe gross yields and operating margins are likely under pressure given the potential for strong 1H11 TL yield acceleration offsetting a portion of CHRW volume benefit. We remain Neutral rated at this time." Shares of CHRW lost $1.52 yesterday to close at $70.87, a loss of 2.1%.