Leading Franchises/Execution Positioned in the Sweet Spot of the Transport Cycle

研报英文原文证据摘录

Leading Franchises/Execution Positioned in the Sweet Spot of the Transport Cycle

June 4, 2026 | 20:00 ET~

J.B. Hunt Transport Services

JBHT-NSDQ Rating Price: Jun-4 Target ↑ Total Rtn Transportation

Outperform $283.31 $320.00 14%

Fadi Chamoun, CFA Analyst

fadi.chamoun@bmo.com (416) 359-6775

Fred Kornachev Senior Associate

Leading Franchises/Execution Positioned in the fred.kornachev@bmo.com (437) 335-0049

Amanda Abraham, CFA Senior AssociateSweet Spot of the Transport Cycle

amanda.abraham@bmo.com (416) 816-9139

Bottom Line: Legal Entity: BMO Nesbitt Burns Inc.

Trucking cycle tailwinds persist, with elevated TL spot rates and tightening supply

2YR Price Volume Chart

supporting contract pricing. Combined with a constructive demand backdrop (ISM 300

New Orders), we see JBHT as a key beneficiary, particularly in intermodal, where 250

widening discounts to truck and strong rail service could accelerate conversion. We

expect meaningful EBIT/load expansion driven by pricing, volume, and self-help. With 200 76

multiples largely reflecting current tightness, further upside likely depends on earnings 150 543

acceleration, supported by intermodal growth and a potentially extended period of 21

elevated TL market tightness. Our target price increases to $320. 100 Dec Jun Dec Jun0

LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Key Points Company Data in $

Dividend $1.80 Shares O/S (mm) 94.3The trucking cycle continues to act as a tailwind. With truckload spot rates above

the five-year average and a tighter market—driven primarily by regulatory-induced Yield 0.6% Market Cap (mm) $26,716

supply attrition—the industry appears positioned for a material increase in contract AD Vol. (mm) 0.52 Net Debt (mm) $1,298

TL pricing (see Exhibits 1 and 2).