UPDATE: Bank of America Downgrades J.B. Hunt Transport Services to Neutral on Valuation
Bank of America downgraded J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) from Buy to Neutral and raised the price target from $66.00 to $71.00.
Bank of America noted, "We are lowering our rating on JBHT to Neutral from Buy. With the shares up 12% year-to-date (and 6.5% yesterday), they are trading at 22x our revised 2013 EPS estimate, the top of its 13x-22x historical trading range. We are increasing our 2013 EPS estimate 4%, to $3.08 from $2.97, and our target multiple to 23x (from 22x), which raises our objective to $71 (from $66), providing 5% upside potential."
J.B. Hunt Transport Services closed at $67.57 on Thursday.
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