Wells Fargo Downgrades Hub Group (HUBG) to Market Perform; Brokerage Tempers Upside

Wells Fargo downgraded Hub Group (NASDAQ: HUBG) from Outperform to Market Perform, price target range of $35-37.00 from $34-38.

Wells analyst says, "We expect HUBG to maintain its strong market position within the core intermodal business, while achieving additional growth through truck brokerage and logistics. We see cost management efforts, and continued gross margin improvement furthering earnings growth. At this time, valuation keeps us at Market Perform...Management is comfortable with Street's $1.55-$1.67 for 2011E, and we go to $1.55 from $1.57. Our 2012E goes to $1.97 from $2.00 (Street at $2.01 pre-report)."

For more ratings news on Hub Group click here and for the rating history of Hub Group click here.

Shares of Hub Group closed at $34.50 yesterday.

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