UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on J.B. Hunt Transport Services Following Management Meeting

In a report published Friday, Citigroup analyst Christian Wetherbee reiterated a Neutral rating on J.B. Hunt Transport Services JBHT, and raised the price target from $78.00 to $80.00. In the report, Citigroup noted, “We recently hosted a meeting with JB Hunt management and came away thinking non-Intermodal segments may drive some weakness in 3Q, while the longer-term growth prospects of Intermodal, DCS and ICS remain compelling. To us, this means the stock's relative underperformance has been anticipating 3Q softness and may provide an opportunity in advance of what we believe will be a good year in 2014. We remain Neutral into 3Q results, but are increasing our 2014 estimates and target to $80.” J.B. Hunt Transport Services closed on Thursday at $71.90.