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JBHT

J.B. Hunt

$116.80

1.42 (1.23%)

, KNX

Knight-Swift

$37.00

0.17 (0.46%)

13:38
10/22/19
10/22
13:38
10/22/19
13:38

ATA says truck tonnage index rose 0.2% in September

American Trucking Associations' advanced seasonally adjusted For-Hire Truck Tonnage Index increased 0.2% in September after falling 4% in August. In September. "This was the first month in 2019 that we did not see a significant increase or decrease in tonnage," said ATA Chief Economist Bob Costello. "For the entire third quarter, the index was up 1.2% over the previous quarter and 4.5% from a year earlier, both are nice gains." It is important to note that ATA's tonnage data is dominated by contract freight, which is performing significantly better than the plunge in spot market freight this year. August's reading was revised down compared with our September press release. Compared with September 2018, the SA index increased 3.5%. The index is up 4.1% year-to-date compared with the same period last year. Publicly traded companies in the space include ArcBest (ARCB), J.B. Hunt (JBHT), Knight-Swift (KNX), Old Dominion (ODFL), Swift Transportation (SWFT) and Werner (WERN).

JBHT

J.B. Hunt

$116.80

1.42 (1.23%)

KNX

Knight-Swift

$37.00

0.17 (0.46%)

ODFL

Old Dominion

$179.81

-0.14 (-0.08%)

SWFT

Swift Transportation

$0.00

(0.00%)

WERN

Werner

$37.39

0.47 (1.27%)

ARCB

ArcBest

$29.91

-0.62 (-2.03%)

  • 24

    Oct

  • 24

    Oct

  • 01

    Nov

  • 13

    Nov

JBHT J.B. Hunt
$116.80

1.42 (1.23%)

10/16/19
FBCO
10/16/19
NO CHANGE
Target $106
FBCO
Neutral
J.B. Hunt price target raised to $106 from $101 at Credit Suisse
Credit Suisse analyst Allison Landry raised her price target for J.B. Hunt to $106 from $101 following quarterly results. The analyst notes that Q3 results were softer than expected, but "far from terrible." Landry reiterates a Neutral rating on the shares.
10/08/19
SUSQ
10/08/19
DOWNGRADE
Target $119
SUSQ
Neutral
J.B. Hunt downgraded to Neutral at Susquehanna
As reported previously, Susquehanna analyst Bascome Majors downgraded J.B. Hunt (JBHT) to Neutral from Positive. He now has a more conservative view on its earnings outlook and is more cautious on the intermodal space and the stock's valuation. Majors also noted that his top pick in the space remains Knight-Swift (KNX). Majors lowered his price target to $119 from $124 on J.B.Hunt shares.
10/08/19
SUSQ
10/08/19
DOWNGRADE
SUSQ
Neutral
J.B. Hunt downgraded to Neutral from Positive at Susquehanna
10/17/19
ARGS
10/17/19
NO CHANGE
ARGS
Hold
Challenging conditions at J.B. Hunt to persist, says Argus
Argus analyst John Eade is keeping his Hold rating on J.B. Hunt after its Q3 results, saying that while earnings rose 18% from last year, they still missed expectations. The analyst notes that the company's management has focused on improving its intermodal segment which had been hampered by soft demand and high inventory levels, but he expects the "challenging conditions" to persist for several more quarters. Eade adds however that he would consider upgrading the stock to Buy if volumes start to improve or if the price falls toward the $100 per share support.
KNX Knight-Swift
$37.00

0.17 (0.46%)

10/15/19
GHSC
10/15/19
NO CHANGE
Target $50
GHSC
Buy
Knight-Swift guidance cut not really a surprise, says Seaport Global
Seaport Global analyst Kevin Sterling believes Knight-Swift Transportation's guidance cut this morning is not all that surprising. The analyst on October 1 cut his estimates for a variety of truckload carriers, including Knight-Swift, but he admits "not quite enough." Knight-Swift called out the weak full truckload market, which has pressured rates for all of 2019, but also increased competition in intermodal, which has negatively impacted both volume and price, Sterling tells investors in a research note. The analyst believes the full truckload market continues to right-size capacity as orders shrink and carriers file for bankruptcy. He keeps a Buy rating on Knight-Swift with a $50 price target. The stock in morning trading is up 11c to $36.15.
10/11/19
UBSW
10/11/19
UPGRADE
Target $40
UBSW
Buy
Knight-Swift upgraded to Buy from Neutral at UBS
UBS analyst Thomas Wadewitz upgraded Knight-Swift Transportation to Buy from Neutral with a price target of $40, up from $39. Key forward looking truckload market metrics are likely to continue to improve, Wadewitz tells investors in a research note. The analyst adds that Knight-Swift has the greatest leverage to the largest truckload cycle in his coverage universe and is a "go-to name for TL market exposure."
10/16/19
SBSH
10/16/19
NO CHANGE
Target $40
SBSH
Buy
Knight-Swift should rally on 2020 estimate certainty, says Citi
Citi analyst Christian Wetherbee recommends buying shares of Knight-Swift Transportation following yesterday's guidance update. While the Q3 and Q4 guidance were both below expectations, the most important data point was Q1 of 2020, and it "came in a bit better than feared," Wetherbee tells investors in a research note. The analyst believes the Q1 guidance appears to support his view that Knight-Swift's 2020 earnings per share will fall in the lower $2 range, likely beating buy-side expectations of ~$2.00. The stock should rally on further multiple expansion on more certainty around 2020 estimates, says the analyst, who keeps a Buy rating on Knight-Swift with a $40 price target.
ODFL Old Dominion
$179.81

-0.14 (-0.08%)

09/27/19
BOFA
09/27/19
DOWNGRADE
Target $166
BOFA
Underperform
BofA/Merrill downgrades Old Dominion to Underperform with shares near highs
BofA/Merrill analyst Ariel Rosa downgraded Old Dominion Freight Line to Underperform from Neutral with an unchanged price target of $166. Despite continued softness in a variety of economic indicators, shares of Old Dominion have traded near all-time highs in recent weeks, Rosa tells investors in a research note. The analyst sees limited further near-term upside and points out that the company's mid-quarter update showed less-than-truckload daily shipments down 4.0% year-over-year in August. This puts Old Dominion on track to miss the analyst's prior down 1.8% estimate for Q3 daily shipment volume.
09/27/19
BOFA
09/27/19
DOWNGRADE
BOFA
Underperform
Old Dominion downgraded to Underperform from Neutral at BofA/Merrill
07/26/19
KEYB
07/26/19
NO CHANGE
Target $175
KEYB
Overweight
Old Dominion price target raised to $175 from $165 at KeyBanc
KeyBanc analyst Todd Fowler raised his price target for Old Dominion to $175 from $165 and retained an Overweight rating on the name. Fowler tells investors in a research note that current quarter results and expectations for seasonal margin progression from strong second quarter levels highlight strong operational discipline, with balance sheet strength supporting on-going investment and capital deployment.
07/11/19
FBCO
07/11/19
DOWNGRADE
FBCO
Neutral
Old Dominion downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Allison Landry downgraded Old Dominion to Neutral from Outperform saying that with a weakening demand backdrop, contract TL rates that are turning negative, and anecdotal evidence that suggests capacity remains relatively loose, she sees fairly meaningful risk to the second half of 2019 and 2020 EPS for the asset based truckers.
SWFT Swift Transportation
$0.00

(0.00%)

WERN Werner
$37.39

0.47 (1.27%)

09/10/19
KEYB
09/10/19
UPGRADE
Target $25
KEYB
Overweight
Heartland Express upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst Todd Fowler last night upgraded both Heartland Express (HTLD) and Marten Transport (MRTN) while reiterating Overweight ratings on Knight-Swift Transportation (KNX) and Werner (WERN). The analyst has increased conviction in stabilizing truckload dynamics on more seasonal trends and reduced incremental supply. His channel checks indicate lower demand and available capacity Q3-to-date, which he notes is largely in line with expectations. However, pricing outlooks have stabilized, Fowler tells investors in a research note. He has a $25 price target on Heartland Express.
10/04/19
WOLF
10/04/19
UPGRADE
WOLF
Peer Perform
Werner upgraded to Peer Perform from Underperform at Wolfe Research
Wolfe Research analyst Scott Group upgraded Werner to Peer Perform from Underperform.
09/19/19
COWN
09/19/19
NO CHANGE
COWN
Outperform
Trucking survey results likely better than feared, says Cowen
Cowen analyst Jason Seidl conducted a private trucking survey and said its results are likely better than feared. The analyst said the average rate increase is in-line with expectations despite 31% of respondents expecting a recession in the next six months. He said while the survey is less positive than the previous survey, its results signal a more positive outlook toward the trucking stocks with a positive read through for Knight Transport (KNX), Werner (WERN), Schneider (SNDR), Covenant (CVTI), USA Trucking (USAK), and Daseke (DSKE).
09/03/19
SBSH
09/03/19
UPGRADE
Target $40
SBSH
Buy
Werner upgraded to Buy from Neutral at Citi
Citi analyst Christian Wetherbee upgraded Werner (WERN) to Buy from Neutral and raised his price target for the shares to $40 from $32. The analyst says he's becoming more constructive on the s full truckload sector saying fundamentals are bottoming after a disappointing year of volume and pricing declines. Within transportation, the truckload sector is earliest in the cycle to work with shares typically outperforming as the second derivative in freight volume and pricing turns positive and estimates are cut, Wetherbee tells investors in a research note. The analyst adds that his data suggest trends are stabilizing as opposed to worsening. Wetherbee this morning also upgraded Schneider National (SNDR) to Buy from Neutral and kept a Buy rating on Knight-Swift Transportation (KNX).
ARCB ArcBest
$29.91

-0.62 (-2.03%)

09/18/19
RHCO
09/18/19
NO CHANGE
Target $105
RHCO
Buy
Saia, ArcBest should be bought on any FedEx-related selloff, says SunTrust
SunTrust analyst Stephanie Benjamin expects FedEx's (FDX) earnings miss and lowered guidance last night to negatively pressure the Trucking and Logistics group today. However, the positive pricing and margin results for FedEx's less-than-truckload business should not be overlooked, Benjamin tells investors in a research note. She attributes the majority of the earnings miss to weakness internationally, particularly in Europe, which impacted FedEx's Ground and Express businesses. Benjamin recommends using any selloff today in shares of Saia (SAIA) and ArcBest (ARCB) as buying opportunities. Both companies are entirely U.S. based and benefiting from a "highly rational" less-than-truckload pricing environment. She reiterates a Buy rating and $35 price target on ArcBest and boosted her price target for Saia to $105 from $95. Benjamin believes both companies can see revenue upside and greater than expected margin expansion in 2020.
05/22/19
COWN
05/22/19
UPGRADE
COWN
Outperform
Hub Group, ArcBest, Covenant upgraded to Outperform at Cowen
Cowen analyst Jason Seidl upgraded Hub Group (HUBG) to Outperform from Market Perform, noting that while some major freight demand indexes have been down for four straight months, looking at the first half of 2019 in a vacuum "would be a mistake" given weather, tariff impacts, and historically tough comps. The analyst, who contends that the issue isn't necessarily that 2019 has been so bad but that 2018 "was just really, really good," does not see a freight recession occurring. He also upgraded ArcBest (ARCB) and Covenant Transportation (CVTI) to Outperform, as previously reported, citing the same rationale and noting that all three stocks are trading below their historical multiples. The analyst has a $40 price target on ArcBest, a $23 target on Covenant and a $53 price target on Hub Group.
05/22/19
COWN
05/22/19
UPGRADE
COWN
Outperform
ArcBest upgraded to Outperform from Market Perform at Cowen
05/06/19
LOOP
05/06/19
NO CHANGE
Target $34
LOOP
Hold
ArcBest price target lowered to $34 from $40 at Loop Capital
Loop Capital analyst Jeffrey Kauffman lowered his price target on ArcBest to $34 and kept his Hold rating after its "disappointing" Q1 results that were driven by slower freight volume as well as the company's increased investment spending. The analyst adds that while the "less than truckload shipping", or LTL, environment remains "healthy", ArcBest management has also discussed its expected retreat in pricing toward the "normalized" levels during 2019, even though it did not see any "undue pressure on rates."

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