Piper Jaffray Raises Price Target on JB Hunt

Piper Jaffray has published a report on JB Hunt

that shower mediocre results for the 2Q. In the report, Piper Jaffray wrote, "JBHT consolidated 2Q11 revenue outpaced our projection by 4.8% – mostly on stronger pricing – however reported EBIT of $113.4M was 1.1% below our $114.7M estimate. Intermodal and Truck missed our estimates ($1.7M and $3.2M) likely on negative weather impact (flooding) and mix / cost inflation (driver wages), respectively, but this was offset by Dedicated's $4.6M stronger than anticipated profit." Piper Jaffray rated JB Hunt Overweight with a raised price target of $59.00. JB Hunt closed yesterday at $47.71.