J.B. Hunt Transport Services (JBHT) PT Raised to $210 at Raymond James

Raymond James analyst Patrick Brown raised the price target on J.B. Hunt Transport Services (NASDAQ: JBHT) to $210.00 (from $205.00) while maintaining a Outperform rating.

The analyst commented, "While velocity headwinds and concerns over the trajectory of the freight markets remain, we maintain our Outperform rating given mgmt.’s ability to manage the environment and the prospects for outsized volume growth in out years driven by JBHT’s renewed commitment with its primary rail partner including a multi-year expansion in intermodal capacity. As such, we remain steadfast in our belief that intermodal's value proposition could rise on improved service, truck tightness, and the ESG benefits intermodal offers. Further, JBHT continues to garner a sticky growth engine in its Dedicated (DCS) business with conversion upside. With shares trading at ~18x our ‘23 EPS estimates (vs. its five-year range of 14-27x), these opportunities do not seem to be fully appreciated as we surmise accelerating load growth could drive the shares to re-rate higher."

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