Americas Transportation: Raising Estimates and Blue Sky Scenarios

Goldman Sachs raises earnings estimates and price targets for Americas Transportation (LTL and Truckload) through 2028, citing improved volume outlooks, strong spot rate growth, and a potentially more robust 'blue-sky' cycle recovery.

Key Takeaways

• 1.Broadly raising earnings estimates for LTL and truckload stocks through 2028 based on improved volume and yield trends.
• 2.Spot trucking rates showing significant strength, up >30% YoY in 2Q and >40% in June.
• 3.Updating 'blue-sky' scenarios to reflect potential for stronger-than-expected recovery in demand and margins.

Table of Contents

• Summary of Estimate Changes: Base and Blue Sky
• LTL Updates
• Truckload Updates
• Price Targets and Risks
• Disclosure Appendix

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