CHRW (Outperform) - Raising PT to $107 from $106. CHRW posted a bottom-line beat with a top line that was just slightly below the street and above our estimates. CHRW saw margin improvement in NAST and Fresh with Forwarding coming in short. The company s noted 9% y/y October net revenue growth is less than we had modeled but may not be a low as investors had feared.
Cowen_CHRW.pdfBAX (Market Perform) - Lowering PT to $71 from $78. In 3Q BAX overcame sales challenges in Medication Delivery and Nutrition to beat EPS by 6 cents. However these issues forced BAX to reduce its 2018 revenue growth forecast to 3% operational from 4%-5% even though it slightly raised 2018 EPS guidance. This sales disruption should be temporary and BAX reiterated its 2020 targets. Still we reduce our target to 71 and remain at Market Perform.
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