Benchmark increases target and reaffirms Buy
Benchmark boosted its price target on C.H. Robinson Worldwide (NASDAQ:CHRW) to $205.00 from $160.00 on Friday and maintained a Buy rating on the logistics services provider's shares. The upgrade reflects Benchmark's view that C.H. Robinson's operating results showed resilience in the face of market headwinds.
Margins held up better than peers
Benchmark highlighted that while other brokerages reported "several hundred basis points of sequential gross-margin compression," C.H. Robinson's gross margin fell by only 40 basis points quarter-over-quarter. The firm pointed to the company's ability to limit margin deterioration even as spot rates increased, interpreting the performance as evidence of durable operating strength.
Earnings and volume dynamics
C.H. Robinson reported adjusted earnings per share of $1.23 for the fourth quarter of 2025, up 1.7% year-over-year and above Benchmark's $1.16 estimate. The company reached this result despite weaker overall freight activity. The Cass Freight Shipment Index, a measure of shipment volumes, recorded its 13th consecutive quarterly year-over-year decline, falling 7.6% in the fourth quarter.
Within the company's North American Surface Transportation (NAST) segment, volumes rose 1% year-over-year, with truckload volume growth of 3%. NAST gross margins expanded 20 basis points year-over-year, a notable outcome given transportation-cost inflation observed in the final five weeks of the quarter.
Efficiency and technology emphasized
Benchmark underscored C.H. Robinson's investments in AI-driven automation and a lean operating model as increasingly visible contributors to results. The analyst firm linked these elements to sustained market share gains, disciplined pricing, a cost-of-hire advantage and ongoing productivity improvements.
Analyst community response
The company's quarter beat a number of analyst expectations. Benchmark had modeled $1.16 per share, while UBS's consensus stood at $1.13; C.H. Robinson's $1.23 adjusted EPS exceeded both figures. Following these results, Benchmark reiterated its Buy rating with a price target of $160.00, and UBS maintained its Buy rating with a target of $224.00, with both firms noting the earnings beat was unexpected amid market concerns.
Other brokerages also adjusted their outlooks. Stifel raised its price target from $184.00 to $202.00, citing the earnings performance. Truist Securities lifted its target to $210.00, attributing the change to market share gains and margin discipline in the NAST business. Raymond James increased its target to $215.00, pointing to operational transformation and initiatives under CEO Bozeman as potential drivers of improved operating margins.
What the results show
The collective analyst reaction - a mix of raised targets and maintained Buy ratings - signals a generally positive reception to C.H. Robinson's fourth-quarter results, particularly around margin durability, operational efficiency and modest volume gains in core surface transportation services.