Matson price target raised to $167 from $142 at Wolfe Research

Wolfe Research analyst Jacob Lacks raised the firm’s price target on Matson (MATX) to $167 from $142 and keeps an Outperform rating on the shares. The firm said that transport has been stuck in a prolonged and muted cycle with the ISM manufacturing index below 50 for 36 of the past 38 months, and LTL tonnage has been negative year-over-year for 22 of the past 23 months. That said, truckload spot rates have materially outperformed normal seasonality for the past six weeks, the analyst tells investors in a research note.