New York, February 3 (FinanceEnquiry.com) - Analyst Kevin Kirkeby of S&P Capital IQ reiterates his BUY rating on the shares of Ryder System (NYSE: R), while raising his estimates for the company. The target price is set to $69.

In a research note published yesterday, the analyst mentions that the company reported its Q4 EPS, excluding special items, ahead of the estimates on account of better pricing on user equipment. Ryder System’s Q4 revenues were in-line with the estimates, as the company witnessed higher pricing for its commercial rentals and continued to grow its leased vehicle fleet, the analyst says. S&P expects these trends to continue in the forthcoming year. The EPS estimate for 2012 has been raised from $3.92 to $4.09.