Jefferies Raises PT On LSTR To $48

Jefferies has raised its price target on Landstar System Inc. LSTR based on the company's inline 1Q results. In the report, Jefferies writes, “LSTR reported an inline 1Q with guidance that bracketed 2Q consensus. All operating lines were generally inline with expectations. We raised our 2011e and 2011e EPS, as well as our year-end 2011 price target. LSTR has executed well in recent quarters, although valuation still keeps on us on the sidelines.” Jefferies maintains its Hold rating on the stock. LSTR closed last Thursday at $47.65.