12:15 AM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $104, cut by $2, reflects a 21x multiple of projected '25 EPS, in line with EXPD's historical forward average. We lift our '24 EPS estimate by $0.07 to $4.92, but cut '25's by $0.30 to $4.95. Q1 EPS of $1.18, vs. $1.47, beat the consensus view by $0.09. Revenues dropped 15% to $2.2 billion, but volume showed some signs of life, with airfreight tonnage up 4% year-over-year and ocean freight tonnage up 2%. However, EXPD also noted that capacity is up both in air and ocean markets. We are concerned that higher capacity will keep pressure on pricing. We also note a somewhat unpredictable market for EXPD given outside factors, such as the Red Sea conflict or low water levels in the Panama Canal. Under the circumstances, we think margins may suffer in the short term until (1) some capacity exits EXPD's markets and (2) a broader macro recovery ensues.