RYDER (R) - NEW #1 BEST IDEA SHORT; >50% DOWNSIDE

Our Industrials team led by Jay Van Sciver is hosting a presentation on new #1 Best Idea Short Ryder (R) on Thursday, September 5th at 2:00pm ET to discuss what we expect to be near-term macro, equipment, and sentiment headwinds.

CLICK HERE to get access.

CALL INVITE -> Ryder (R) | New #1 Best Idea Short - 05.04.2020 runaway elevator cartoon

Ryder has never been more richly valued by capital markets. Consensus estimates for 2H24 and 2025 seem disconnected from downcycle realities, with mid-teens EPS (fueled by debt funded buybacks) less likely than low single digits profits per share as truck gains run dry and competitive intensity compresses margins. We thinks shares of R could underperform by >50% as macro and truck fundamentals soften, borrowing costs increase, higher book units are sold into a softer used truck market, and leverage tolerance runs dry, among other factors. 

We invite you to join us for this presentation.