Bernstein analyst David Vernon downgraded J.B. Hunt to Market Perform from Outperform and maintained a $124 price target. Vernon tells investors in a research note that the downgrade is more tactical in nature than a fundamental shift in his longer-term view of the stock or its position within end markets, which remains favorable, adding that while the stock had a nice run in the back half of 2019 intermodal volume growth returned, moving into 2020 the market may not get immediate confirmation that intermodal growth is back. Intermodal growth, which "matters a lot for the stock," Vernon says, in the near-term may be more challenged in 2020.