UPDATE: Piper Jaffray Color On EXPD 4Q

Piper Jaffray, which raised its PT on shares of Expeditors International EXPD, is providing some color on the stock. “Yesterday before the market, EXPD reported 4Q10 EPS of $0.45 (+39.5% y-o-y) a penny above Consensus $0.44 but below our $0.46 estimate,” Piper Jaffray writes. “Ex a lower tax rate benefit, continuing EPS for 4Q10 was closer to $0.41. Downside to our estimate was driven by lower gross revenue ($0.02) and higher than expected operating costs ($0.03), mainly salaries/related and other. “Despite impressive 4Q10 total gross revenue growth of 26.9% y-o-y, air and ocean product lines were below our expectations and decelerated from 3Q10 and 2Q10 levels. Some of the gross revenue softness was offset by better ocean gross yields. Given valuation, limited upside to raised Consensus expectations near term, and our thoughts on gross yield headwind potential, we remain Neutral rated.” Expeditors International closed Tuesday at $49.04.