** Shares of global freight forwarder Expeditors International EXPD.N falls 2% to $117, in early trade

** BofA Global Research downgrades rating to 'underperform' from 'neutral', but raises PT to $118 from $117, a downside of 1% to the stock's last close

** Says co faces pressure from declining shipping rates, despite recent gains; limited earnings growth ahead suggests minimal upside

** Expects container shipping rates to drop sharply due to oversupply and weak demand

** Says anticipated rebound in demand after tariff-related disruptions didn’t materialize

** Transpacific volumes from China to the U.S. fell in May, and Expeditors hasn’t been able to fully capitalize on the usual volatility - BofA

** 17 brokerages on average rate the stock equivalent to 'hold'; median PT is $110 - data compiled by LSEG

** Including session moves, stock up 5.5% YTD

(Reporting by Apratim Sarkar)

((Apratim.Sarkar@thomsonreuters.con))