Citi Raises PT On JBHT To Reflect 1Q11 Results

Citi has raised its price target from $49 to $50 on J.B. Hunt Transport Services Inc. JBHT as 1q11 results were reported. In the report, Citi writes, “.B. Hunt's 1Q11 results beat our and consensus' EPS estimate by $0.02, as pricing gains in Intermodal and Truck helped drive upside to our revenue and operating income target, despite bad weather and rising fuel prices. Strong demand and market share gains from truck drove Intermodal volume growth of 15% and compared to 20% growth in the prior year period. Intermodal pricing growth of 4% is running at the high end of management's expectations, and indications from 1Q11 bid season point towards continued strength.” Citi maintains its Hold rating on JBHT. JBHT ended at $44.60 yesterday.