J.P. Morgan Lowers PT To $78 On CHRW

J.P. Morgan, citing a 2Q miss form the company, is lowering its price target from $86 to $78 but is maintaining its Neutral rating on C.H Robinson Worldwide CHRW. Says J.P. Morgan, in its report, “CHRW's 2Q EPS was modestly below Consensus and significantly weaker than our high end estimate. In our view, the key issue within the 2Q results was a slow pace of volume growth (Truckload volume up 3.5% y/y) which was the primary driver of weaker gross and net revenue performance versus our forecast. We are lowering our EPS estimates to reflect more modest growth expectations and we expect the stock to be under some pressure due to the 2Q miss.” CHRW closed yesterday at $80.25.