Matson upgraded to Outperform at Wolfe Research following pullback

As previously reported, Wolfe Research analyst Scott Group upgraded Matson to Outperform from Peer Perform with a $113 price target as part of the firm’s Transport Q3 preview report. The stock is “materially outperforming” both the S&P 500 and the firm’s WR Transport Index year-to-date, though the stock has pulled back around 10%, “providing a bit of a better entry point,” the analyst tells investors. Earnings have held up much better than the firm expected this year with continued strong demand for its expedited China service, which has led to a sustained pricing premium and as a result the valuation looks “compelling,” the analyst added.