UPDATE: Bank of America Downgrades J.B. Hunt Transport Services to Neutral on Valuation

Bank of America downgraded J.B. Hunt Transport Services, Inc.

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.