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Ryder System (NYSE:R) fell 2% amid a brand new Hedgeye quick concept, which sees potential for 50% draw back.
“We’re transferring R to our prime quick slot, reflecting what we anticipate to be near-term macro, gear, and sentiment headwinds,” Hedgeye analyst Jay Van Sciver wrote in a word on Sunday. “Whereas truckload markets have stopped deteriorating, we predict buyers basing peak demand and exercise on 2018 or 2021-2022 charges are more likely to be disenchanted by lingering extra capability and pricing stress. These durations benefited from non-recurring tailwinds.”
Hedgeye’s Van Sciver argues that Ryder (R) has “by no means been extra richly valued by capital markets” and that consensus estimates for 2H24 and 2025 appear “disconnected from downcycle realities.”
Ryder’s (R) quick curiosity is 1.3%.
