Hub Group downgraded to Neutral at Susquehanna on need for estimate cuts

As previously reported, Susquehanna analyst Bascome Majors downgraded Hub Group to Neutral from Positive with a price target of $97, up from $88. The firm feels “good” about transport demand into 2024, both domestically within truckload and in international trade, but thinks there’s too much 2024 estimate risk from pricing to be constructive on truckload-related shares today, the analyst tells investors. For Hub Group, the firm sees “less value” than it had previously following strong share performance that came despite what it calls the “need for meaningful estimate cuts.”