Wolfe Research upgraded Matson (MATX) to Outperform from Peer Perform with a $142 price target The company reported a large Q3 beat as its pricing continues to hold up much better than traditional ocean spot rates, the analyst tells investors in a research note. Wolfe believes Matson should continue to generate strong free cash flow with its ongoing re-fleet “basically pre-funded.” The firm also models 7% share buybacks over the next couple years.
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