- The stock price of Ryder System, Inc. (NYSE: R) fell by 5.29% today. This is why it happened.
The stock price of Ryder System, Inc. (NYSE: R) fell by 5.29% today. Investors are responding negatively to Baird analyst Garrett Holland downgraded Ryder System to a “Neutral” rating from an “Outperform” rating. And Holland reduced the price target from $96 to $90.
According to the report, Holland is selectively reducing exposure to transportation stocks to reflect the view of a maturing freight cycle. And the first half of 2022 trends should look much like the strong second half of 2021. But by later in 2022, the realities of an aging freight cycle and normalizing demand should be more apparent.
Plus Holland said fading fiscal and monetary stimulus represent key macro headwinds and that spot market freight pricing will likely start to moderate. So he downgraded Ryder following the stock’s strong gains in 2021 in order to reflect the evolving cyclical view.
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