BofA lowered the firm’s price target on J.B. Hunt (JBHT) to $194 from $197 and keeps a Buy rating on the shares after the company’s "ugly" Q1 report that included President Shelley Simpson stating "we are in a freight recession." The firm, which highlights that it had lowered its Truckload and LTL estimates by double digits it its Q1 preview for the group, points out that J.B. Hunt noted that the timing of the rebound appears to be a bit more delayed than originally expected and BofA says it’s going to be an "ugly quarter" based on the read across for other truckers. Other publicly traded companies in the space include ArcBest (ARCB), Knight-Swift (KNX), Old Dominion (ODFL), Swift Transportation (SWFT) and Werner (WERN).
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Published first on TheFly
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