Benchmark Initiates Coverage On This Logistics Provider With Hold Rating

• Expeditors International of Washington Inc (NASDAQ:EXPD) was initiated with a Hold rating by Benchmark analyst Christopher Kuhn.
• The analyst calls the company a "high-quality freight forwarder" that has taken benefit of the strong growth in the freight forwarding market.
• Kuhn expects Expeditors' revenue and operating margins to revert to normal levels as tight capacity in the air and ocean markets ultimately normalize, and models an EPS drop in 2023.
• He thinks the current valuation adequately accounts for decreasing operating results in 2023.
• Price Action: EXPD shares traded higher by 1.95% at $101.43 on the last check Wednesday.