Morgan Keegan Raises PT to $51 on Landstar System

A report from Morgan Keegan reiterates its Outperform rating and raises its price target from $49 to $51 on Landstar System LSTR. The report states, “Landstar beat consensus earnings expectations for the fourth consecutive quarter, with 3Q11 EPS of $0.64 topping estimates of $0.62… We are raising our estimates, keyed by stronger freight trends and better pricing conditions.Our 4Q11 EPS forecast goes to $0.65 from $0.60, FY 11 to $2.34 from $2.27, and FY12 to $2.68 from $2.49”. LSTR closed yesterday at $45.76.