UBS upgraded J.B. Hunt to Neutral from Sell with a price target of $205, up from $176. UBS sees an improving outlook for intermodal volume growth in 2024 and believes the reset down in EPS expectations for 2024 has nearly run its course. The next few quarters should remain challenging as the reduction in contract pricing causes ongoing pressure on intermodal margin performance, but contract pricing and intermodal margin are unlikely to move lower after the challenging Q3 report, the analyst tells investors in a research note.
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