02:57 PM EDT, 08/01/2024 (MT Newswires) -- C.H. Robinson Worldwide ( CHRW ) showed strong Q2 performance thanks to higher-than-expected North American Surface Transportation gross margin and a reduction in headcount, UBS said in a note Thursday.

UBS analysts said they are increasing their 2024 EPS forecast to $4.46 from $3.60 to reflect a continuation of the strong NAST gross margin in Q3 and Q4 and also due to stronger operating cost and margin performance in both NAST and Global Forwarding.

They also expect a significant lift to its forwarding net revenue which should boost Q3 EPS above Q2. They now forecast EPS of $1.24 for Q3 and $1.21 for Q4, compared with $1.15 in Q2.

UBS maintained its neutral rating while increasing its price target to $100 from $90.

The company's shares were up nearly 14% in recent trading.

Price: 101.42, Change: +12.37, Percent Change: +13.89