J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) said peak season unfolded largely as expected, neither strong nor weak, but warned that freight conditions remain especially challenging, with persistent pressure in its brokerage business.

Against that backdrop, Bank of America Securities analyst Ken Hoexter raised his price forecast for J.B. Hunt Transport Services to $216 from $208, while keeping a Buy rating.

Hoexter wrote that while the company’s peak-season commentary suggested stability in volumes, the broader freight market remains difficult, particularly in brokerage.

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In the note, Hoexter pointed to CEO Shelley Simpson’s comments that demand was strong, but inflation is pressuring performance.

Surging Spot Rates and Margin Squeeze

To explain the squeeze, Hoexter wrote that DAT Dry Van spot rates ...