Piper Jaffray is reiterating its Overweight rating and $42 price target on J.B. Hunt Transport Services, Inc. JBHT, despite the company missing earnings estimates last night.
In the research note, Piper Jaffray writes, "Yesterday after the market JBHT reported 3Q10 continuing EPS of $0.43 (40.4% y-o-y growth) which was a penny below Consensus $0.44 and $0.03 below our high end $0.46 estimate. Downside versus our estimate – a penny each – resulted from (1) modestly lower revenue, (2) slightly less operating profitability, and (3) a higher share count. We believe a portion of lower profitability was due to some near term cost headwinds for growth as assets were shifted into Intermodal and new Dedicated contracts incurred start up costs / lower utilization. We believe core Intermodal demand remains very strong into October and JBHT is continuing to add assets."
Shares of JBHT lost 43 cents yesterday to close at $35.51, a loss of 1.2%.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in