Marten Transport resumed with an Outperform at Raymond James

Raymond James analyst David Hicks resumed coverage of Marten Transport with an Outperform rating and $20 price target. Marten is more insulated from the freight cycle relative to its peers given more defensive positioning via a pristine balance sheet and temp controlled orientation, and a contract-centric book of business, the analyst tells investors in a research note. The firm believes the pending upcycle should drive more dry van opportunities, prompting a reacceleration of the mix shift as Marten maintains its leading reefer positioning while continuing to expand into the much bigger arena of dry van as it showcases its value to shippers.