Matson price target lowered to $150 from $175 at Stephens

Stephens lowered the firm’s price target on Matson (MATX) to $150 from $175 and keeps an Overweight rating on the shares. Q1 results were “solid,” but focus now shifts to Q2 as April’s China volume was down about 30% year-over-year and Matson expects Ocean Transportation EBIT to be “meaningfully lower” year-over-year during the quarter given the uncertainty around this lane, the analyst tells investors. While near-term estimates are moving lower, the firm believes valuation is “compelling,” even on more conservative volume assumptions, the analyst added.