UPDATE: KeyBanc Upgrades J.B. Hunt Transport Services (JBHT) to Overweight

(updating comment)

KeyBanc analyst Todd Fowler upgraded J.B. Hunt Transport Services (NASDAQ: JBHT) from Sector Weight to Overweight with a price target of $135.00.

The analyst comments "While we believe intermodal volumes were challenged during 2Q20 given weakness in import activity early in the quarter, as well as greater exposure to non-essential retail end markets, lower fuel costs, and available truckload capacity, given the improvement in June import activity with the firming in truckload capacity and diesel prices, we are incrementally constructive on fundamentals going forward. As it relates to JBHT, we raise our 2020E and 2021E to reflect higher intermodal volume assumptions to -6% and +6%, respectively (from -8% and +3%), with every 100 bps increase in volumes equating to ~$0.25-$0.30/sh annually. Further, we see additional support from steady dedicated growth, as well as reduced drag from recent technology investment and increased brokerage scale in 2021."

For an analyst ratings summary and ratings history on J.B. Hunt Transport Services click here. For more ratings news on J.B. Hunt Transport Services click here.

Shares of J.B. Hunt Transport Services closed at $117.13 yesterday.

You May Also Be Interested In

• Marvell (MRVL) PT Raised to $345 at B.Riley, bullish on new CEO
• Citi upgrades AMD to buy with $575 price target ahead of Q4 earnings
• McGraw Hill (MH) PT Lowered to $14 at UBS on Softer 2027 Outlook