Piper Jaffray Reiterates Neutral on Ryder System, Raises PT to $53

Piper Jaffray reiterated its Neutral rating on Ryder System R. At the same time, Piper Jaffray raised its price target on the company's stock from $52 to $53. In a research report published today, Piper Jaffray states, "R is putting incremental capital to work levering its balance sheet above prior guidance. However, we note that a high-end valuation, combined with cost synergy challenges, tempers our expectations for upside EPS accretion from this deal near-term. We retain our Neutral rating at this time." On Thursday, Ryder closed the day at $51.28.