J.B. Hunt: No Sweat Clearing a High Bar

研报英文原文证据摘录

J.B. Hunt: No Sweat Clearing a High Bar

J P M O R G A N North America Equity Research

15 July 2026

J.B. Hunt Overweight

JBHT, JBHT US

No Sweat Clearing a High Bar Price (15 Jul 26):$276.28

▲Price Target (Dec-27):$313.00

Prior (Dec-26):$280.00

We expect JBHT to outperform after JBI made it look easier than we expected to

grow intermodal volume double-digits (see details here) while also delivering a Airfreight & Surface Transportation /

Shippingsignificant earnings beat from higher profit per load. The core intermodal growth

engine in the East was unaffected by weaker rail service metrics and it appears that Brian P. Ossenbeck, CFA AC

JBI can stay ahead of rising drayage costs in an environment where truckload (1-212) 622-1023

brian.p.ossenbeck@jpmorgan.com

conversion momentum is accelerating. We do not expect a material uptick in

realized JBI yields through the remainder of 2026, but higher container utilization Grady Carr

(1-212) 622-1251

and the recent operating performance should still support positive earnings grady.carr@jpmchase.com

revisions in 2027. Management’s commentary on the increasingly tighter driver

Brandon Wexler

market will heighten recent concerns that the supply constraints will dampen (1-212) 622-1956

operating leverage for truckload carriers and squeeze brokerage margins, although brandon.wexler@jpmchase.com

JBT and ICS are not always the cleanest read-throughs for large scale peers. We are J.P. Morgan Securities LLC

updating our 2027 estimates to reflect the recent cost and volume recovery which

puts JBI margins in a better place even before the benefit of contract rate renewals

Key Changes (FYE Dec)which should reach high-single digits in the next bid cycle. In addition, we have