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Piper Jaffray Initiates Coverage on Hub Group (HUBG) with an Overweight; Reaccelerating Intermodal Volumes

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November 13, 2009 8:40 AM EST

Piper Jaffray & Co. initiates coverage on Hub Group Inc. (Nasdaq: HUBG) with an Overweight. Price target $33.

Piper analyst says, "We believe near term EPS expectations remain too low and do not account for accelerating intermodal volumes and HUBG's tight cost control. Our above-consensus EPS expectations reflect stronger intermodal revenue generation driven by higher volume growth and overall lower costs...Intermodal volume trends appear to be truly accelerating versus other transport modes (truck, parcel) merely stabilizing. HUBG's core intermodal division, we believe, stands to benefit from these recent reaccelerating trends. Further, intermodal comparisons in 4Q08 and 1Q09 remain very easy...Longer term we like HUBG's Light Asset Based model...Secular winds behind future intermodal growth...Truck Brokerage and Logistics likely provide upside...High end free cash flow generation."

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Hub Group, Inc., an asset-light freight transportation management company, provides intermodal, truck brokerage, and logistics services in North America.