Matson downgraded to Hold from Buy at Jefferies

Jefferies downgraded Matson (MATX) to Hold from Buy with a price target of $115, down from $135. Freight rates and volumes have softened further in July, the analyst tells investors in a research note. The firm expects Matson to report Q2 results better than expectations but says the company’s outlook for Q3 “looks to be softer.” Jefferies reduced estimates and downgrade Matson ahead of the earnings print.