J.P. Morgan Lowers Price Target On Expeditors To $58

According to J.P. Morgan, Expeditors EXPD price target is lowered to $58.00 from $61.00. J.P. Morgan said that data on international airfreight and ocean growth trends indicate that volume growth for EXPD has probably been weaker than it had forecast at the beginning of May. “We are lowering our 2Q and 3Q EPS forecasts for 2011 and also tweaking down our 2012 forecast to reflect more modest volume growth assumptions in both air and ocean.” Expeditors closed yesterday at $51.58.