P.A.M. Transportation price target lowered to $17 from $19 at Stephens

Stephens analyst Daniel Imbro lowered the firm’s price target on P.A.M. Transportation to $17 from $19 and keeps an Equal Weight rating on the shares. P.A.M. posted softer Q1 results due to storms in January and the freight market continuing to “bounce along the bottom of this down-cycle,” the analyst tells investors. Rates continue to be pressured by the over-capacity in the market, and the firm anticipates this pressure will linger through the first half, though it expects profitability will improve through the year as rate pressures stabilize.