As previously reported, UBS analyst Thomas Wadewitz downgraded J.B. Hunt to Neutral from Buy and lowered his price target to $96 from $121. The analyst cites his increasing conviction that after a period of strong freight and unusually strong pricing in 2018, the downturn in freight will persist through 2019 amid "falling truckload and intermodal contract rates" for 2020. Wadewitz further contends that the resulting backdrop of soft EPS performance will make it harder for J.B. Hunt stock to "work" even though the stock price is already 30% off its 12-month high.