BB&T Capital Raises Price Target on JB Hunt Transport Services (JBHT) to $90; Reiterates Buy
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BB&T Capital reiterated a Buy rating on J.B. Hunt Transport Services (NASDAQ: JBHT), and raised the price target to $90.00 (from $83.00). Besides improving service, BB&T believes that strategic decisions are being made by
many shippers regarding the trucking and intermodal capacity outlook in 2017.
Analyst Thomas Albrecht commented, "Intermodal service continues to improve, driven by faster train speeds and reduced dwell times, leading JB Hunt's largest intermodal partner, BNSF (private), to experience rapidly improving volumes. As seen in Figure 1, year-to-date BNSF container volumes have grown 19.2% after posting less than 2% growth in all of 2015. And it's not just because of last year's easy comps due to the west coast port mess. Figure 2 shows BNSF's growth rates the first 9 weeks of the year compared to last year's growth rates. Week 8, for example, is an interesting microcosm of the year. Last year volumes fell 11.5% but this year container volumes grew 24.8%, meaning that volumes were 10.4% higher than the strong levels of 2014. We have raised our target to $90."
Shares of J.B. Hunt Transport Services closed at $79.76 yesterday.
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