Goldman Sachs Raises PT On CHRW To $71

Goldman Sachs is raising its price target from $68 to $71 on C.H. Robinson Worldwide (NASDAQ: CHRW) in-line 1Q11 results.

According to Goldman Sachs, “CHRW reported 1Q11 EPS of $0.59 vs. GS and consensus $0.60, through results include a $5.9 mn ($0.02/sh) charge due to a ruling by the Illinois Court of Appeals. Volumes were better than expected, offset by lower transportation net revenue margins. Given stronger volumes, partially offset by weaker margins our estimates move to $2.71/$3.11/$3.49 from $2.67/$3.03/$3.39. As a result, we raise our price target to $71 from $68.”

Goldman Sachs maintains a Sell rating on the stock.

CHRW closed at $79.24 yesterday.