Hub Group price target lowered to $94 from $110 at Stifel

Stifel analyst J. Bruce Chan lowered the firm’s price target on Hub Group to $94 from $110 and keeps a Buy rating on the shares. A softer outlook and protracted expectations for the start of the next cycle led to a pullback in 2023 guidance, says the firm, which adds that the reduction is "meaningful" given that Hub Group management "normally is conservative with guidance." However, the firm continues to view Hub as an under-appreciated value opportunity and "even with a wet blanket on 2023 earnings, we are optimistic about the company’s growth trajectory," the analyst tells investors.