Stephens lowered the firm’s price target on Hub Group to $42 from $44 and keeps an Equal Weight rating on the shares. Hub lowered the midpoint of its 2024 revenue guidance by 6% and lowered the midpoint of its 2024 adjusted EPS guidance by 10% due to an outlook for the freight down-cycle to be more prolonged than originally anticipated, notes the firm, which expects valuation multiples to remain “muted” until there is more visibility around a positive infection in the freight cycle and pricing.
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