Matson price target lowered to $70 from $73 at Stifel

Stifel analyst Benjamin Nolan lowered the firm’s price target on Matson to $70 from $73 and keeps a Hold rating on the shares after preannouncing its Q1 results. The results demonstrate a continuation of the weakness experienced by the container shipping market over the past three quartets, the analyst tells investors. Matson is expected to continue to earn more than it was prior to the expansion of its CLX+ service, but Stifel believes the shares will remain range bound until there is greater visibility on an improvement in market conditions.