J.B. Hunt Transport Services Inc.: The Upcycle Begins

Research evidence excerpt

J.B. Hunt Transport Services Inc.: The Upcycle Begins

Idea

July 16, 2026 12:14 AM GMT

Morgan Stanley & Co. LLCMJ.B. Hunt Transport Services Inc. | North America Ravi Shanker

Equity Analyst

The Upcycle Begins Ravi.Shanker@morganstanley.comMadison J Pasterchick +1 212 761-6350

Research Associate

Madison.Pasterchick@morganstanley.com +1 212 761-3787

Reaction to earnings Nancy Hipp

Unchanged Meaningful upside Modest revision higher Nancy.Hipp@morganstanley.com +1 212 761-1311

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

J.B. Hunt Transport Services Inc. (JBHT.O, JBHT US)

Source: Company data, Morgan Stanley Research

Freight Transportation | United States of America

JBHT’s 2Q was a solid beat, which mgmt. largely put down to StockIndustryRatingView UnderweightIn-Line

volumes and execution with pricing not really contributing yet. Price target $200.00

Shr price, close (Jul 15, 2026) $276.28

Big beats should soon be the order of the day as the upcycle Mkt cap, curr (mm) $34,477

52-Week Range $294.98-130.12

begins to come through, but the market should stay focused on

through-cycle sustainability and what is priced in.

Key Takeaways

EBIT came in healthily above expectations driven by stronger Intermodal

execution, marking a solid beat if not a gangbusters start to the upcycle.

Intermodal outperformed on volumes and execution, while meaningful pricing

recovery remains delayed until the 2027 bid season.

Dedicated was modestly positive, while ICS pricing improved but margin pressure

persists and Truck was softer than expected.

Valuation remains stretched, with shares already pricing in an optimistic mid-

cycle earnings outcome.

Positive read-across for Intermodal, rails, and asset-heavy truckload peers, with a