JB Hunt shares fall after Q2 EPS, revenue miss street estimates
** Shares in JB Hunt Transport Services JBHT.O down 5.7% on Wednesday after comissed Q2 EPS, revenue expectations
** JBHT reports Q2 adj EPS of $1.32 vs. consensus view of $1.52; $2.92 bln revenue missed $3.04 bln consensus, as per LSEG
** Since 2022, U.S. truckers have faced high capacity, lower rates, and no substantial increase in volumes, raising worries weakness could continue beyond 2024
** Still, analyst reactions were mixed: JPMorgan raises price target to $201 from $184, Stephens raises $10 to $200, BMO raises to $195 from $188 while Evercore Isi cut by $6 to $185, Cowen cut $20 to $161, Barclays cut $10 to $160, and BofA cut $1 to $189
** Shares last at $165.96 vs. median PT of $185, as per LSEG, which shows 23 ratings: 6 'strong buy,' 9 'buy,' 7 'hold,' 1 'sell'
** YTD JBHT down 17.5% vs 1.8% gain for Dow Jones Transport average index .DJT
** Before results, JBHT had 5-day winning streak - longest since 7-day rally through May 7
** DJT last down ~0.8% on Weds after a 5-day rally, Tues close its highest since August
** Rivals down >1% in sympathy were Fedex FDX.N, Landstar LSTR.O, Old Dominion ODFL.O and Ryder System R.N
(Reporting By Sinéad Carew)
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