Expeditors falls after BofA cuts to 'underperform' on weak freight demand
Shares of global freight forwarder Expeditors International EXPD.N falls 2% to $117, in early trade
BofA Global Research downgrades rating to 'underperform' from 'neutral', but raises PT to $118 from $117, a downside of 1% to the stock's last close
Says co faces pressure from declining shipping rates, despite recent gains; limited earnings growth ahead suggests minimal upside
Expects container shipping rates to drop sharply due to oversupply and weak demand
Says anticipated rebound in demand after tariff-related disruptions didn’t materialize
Transpacific volumes from China to the U.S. fell in May, and Expeditors hasn’t been able to fully capitalize on the usual volatility - BofA
17 brokerages on average rate the stock equivalent to 'hold'; median PT is $110 - data compiled by LSEG
Including session moves, stock up 5.5% YTD
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