Benchmark Initiates Coverage On This Logistics Provider With Hold Rating

Expeditors International of Washington Inc EXPD was initiated with a Hold rating by Benchmark analyst Christopher Kuhn.
The analyst calls the company a "high-quality freight forwarder" that has taken benefit of the strong growth in the freight forwarding market.
Kuhn expects Expeditors' revenue and operating margins to revert to normal levels as tight capacity in the air and ocean markets ultimately normalize, and models an EPS drop in 2023.
He thinks the current valuation adequately accounts for decreasing operating results in 2023.
Price Action: EXPD shares traded higher by 1.95% at $101.43 on the last check Wednesday.