Goldman Sachs reported that they have upgraded transportation and supply chain management company, Ryder System, Inc.(R) on Thursday.
The firm has increased their rating of the company from “Neutral” to “Buy,” and has raised their price target from $47 to $63. This price target suggests a 17% increase from the stock’s current price of $52.02.
Analysts see Ryder as the company with the most leverage in the industry, and believe that it is likely to rebound.
An analyst from the firm commented, “Ryder stands to benefit from increased rental and leasing activity as domestic economic growth picks up, and as increasingly more customers choose to outsource transportation planning and decision-making to 3rd party specialists, such as R.”
Ryder System shares were mostly flat during premarket trading Thursday. The stock has declined -4.8% in the past year.
The Bottom Line
Shares of Ryder Systems (R) have a 2.38% dividend yield, based on last night’s closing stock price of $52.02. The stock has technical support in the $47-$48 price area. If the shares can firm up, we see overhead resistance around the $55 price level.
Ryder System, Inc.(R) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.