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MATX

Matson

$22.53

-6.8159 (-23.22%)

13:56
08/18/17
08/18
13:56
08/18/17
13:56

Matson drops after competitor TOTE enters Hawaii trade route

Matson (MATX), which provides ocean transportation and logistics services to Hawaii, Alaska and Guam, as well as in Micronesia and in the South Pacific, is down over 23% after an announcement from competitor TOTE that it intends to establish a new domestic shipping service to Hawaii that would compete with Matson. TOTE ANNOUNCEMENT: TOTE announced on Thursday that it plans to establish a new domestic shipping service to Hawaii. TOTE, which currently ships to Alaska and Puerto Rico, has signed a letter of intent to acquire up to four newbuild containerships, and has already secured terminal space in Honolulu. The first two of TOTE's ships are scheduled for delivery in 2020 and 2021. TOTE CEO Anthony Chiarello said, "TOTE will bring the same commitment to our Hawai'i operations to ensure maritime transportation is industry leading." ANALYST REACTION: Stephens analyst Jack Atkins downgraded Matson to Equal Weight and lowered his price target to $23 from $36 following the news. Atkins said he sees risk to Matson's market share and thinks it could be a material headwind to profitability, if it materializes. However, Stifel analyst Ben Nolan upgraded Matson to Buy from Hold, saying competitive concerns are being overstated. Nolan did, however, lower his price target for Matson to $30 from $38. PRICE ACTION: Shares of Matson are down over 23% to $22.53 in Friday afternoon trading.

MATX Matson
$22.53

-6.8159 (-23.22%)

08/18/17
SPHN
08/18/17
DOWNGRADE
Target $23
SPHN
Equal Weight
Matson downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Jack Atkins downgraded Matson (MATX) to Equal Weight and lowered its price target to $23 from $36 following news competitor TOTE is planning to establish a West Coast to Hawaii container service in 2020. Atkins sees risk to Matson's market share and thinks it could be a material headwind to profitability if it materializes.
08/18/17
WELS
08/18/17
DOWNGRADE
WELS
Underperform
Matson downgraded to Underperform from Market Perform at Wells Fargo
08/18/17
STFL
08/18/17
UPGRADE
STFL
Buy
Matson upgraded to Buy from Hold at Stifel
08/18/17
STFL
08/18/17
UPGRADE
Target $30
STFL
Buy
Matson upgraded to Buy amid 23% selloff at Stifel
Stifel analyst Ben Nolan upgraded Matson to Buy from Hold saying competitive concerns are being overstated after competitor TOTE announced plans to establish a West Coast to Hawaii container service in 2020. Both Stephens and Wells Fargo downgraded the shares earlier today. Nolan lowered his price target for Matson to $30 from $38. The stock is down 23%, or $6.75, to $22.60 in afternoon trading.

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