Transportation and logistics company C.H. Robinson Worldwide (CHRW 1.16%) was delivering for its investors this week. A rather impressive quarterly earnings report brought the bulls into its stock, which according to data compiled by S&P Global Market Intelligence was up by more than 15% week to date before market open on Friday.
Good, estimates-beating first-quarter results in a tough environment
C.H. Robinson's first-quarter figures were made public on Wednesday, showing revenue and non-GAAP (adjusted) net income that beat the average analyst estimates (especially for the latter line item, which at $0.88 per share was far above those pundits' collective $0.62 forecast).
Beating estimates was no small feat for the company, as it was operating in an environment of flagging demand. It has adopted a new "lean-based" business model, which it said was a major factor in the better-than-expected performance.
In that earnings report, C.H. Robinson did not proffer any guidance for either its current quarter or the entirety of 2024.
Analysts deliver price target hikes
Analysts tracking C.H. Robinson stock, however, weren't shy in predicting the company's future. A clutch of them raised their price targets on the shares the day after the results were published.
Two of the more assertive raisers were Barclays' Brandon Oglenski and Bascome Majors from Susquehanna. The former upped his to $70 per share from the preceding $65, although he maintained his underweight (sell) recommendation on the stock. The latter was slightly more bullish, keeping his neutral rating intact while lifting his price target to $85 per share; previously it was $80.
