J.B. Hunt Transport Services (JBHT) PT Raised to $168 at Evercore ISI

Evercore ISI analyst Jonathan Chappell raised the price target on J.B. Hunt Transport Services (NASDAQ: JBHT) to $168.00 (from $155.00) while maintaining a Outperform rating.

The analyst comments "JBHT posted 3Q25 EPS of $1.76, easily exceeding our forecast of $1.41 and the average Street estimate of $1.46. Most of the upside came from sequential margin improvement across all but one (Final Mile) segment, with JBHT’s new cost-to-serve focus unlocking close to $20 million of productivity gains (from an eventual total of $100 million) in 3Q. There were some revenue-related beats as well, with Intermodal and ICS revenue/load up 2.8% and 3.8%, respectively, from 2Q25, but, for the most part, volumes remained soft (and were noted to incrementally weaken as 3Q played out). The structural cost savings initiatives are a game-changer for JBHT as it enables the company to post margin improvement and, at least for 3Q25, EPS growth, while coiling the spring to a quick return to long-term margin targets once a demand tailwind finally emerges. Yet, we caution against extrapolating this EPS beat to indicate a broad-based improvement in freight demand and the end of the prolonged market downturn. JBHT beat EPS handily despite intensifying demand headwinds, not because of a change in volume or pricing momentum, and that renders the stock as a differentiated risk/reward opportunity as industry KPIs continue to bounce along the bottom. Indeed, with more productivity to come and a higher margin starting point for most segments exiting 3Q, we raise our 4Q25 and 2026 EPS estimates to $1.87 (from $1.55) and to $7.80 (from $7.06) without applying much in the form of a cyclical intermodal/trucking inflection. We maintain our Outperform rating on JBHT with a 12-month price target of $168 (from $155)."

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