Hub Group price target lowered to $45 from $48 at BMO Capital

BMO Capital lowered the firm’s price target on Hub Group to $45 from $48 and keeps a Market Perform rating on the shares. The company’s Q1 results were ahead of expectations, but guidance was lowered reflecting a more competitive intermodal market than initially expected, the analyst tells investors in a research note. It has become more obvious moving through this earnings season that stubborn excess capacity in the truckload market is extending the cyclical trough for Intermodal Marketing Companies, or IMCs.