Trucking Stocks Poised to Rebound on Seasonal Rate Gains
Goldman Sachs analysts have identified a seasonal trend that could boost trucking stocks in the coming months. Historically, spot rates for trucking services tend to increase during the final quarter of the year.
The investment bank points out that trucking equities have performed well so far this year, returning 31.5% through August. However, they have pulled back an average of 16.0% from their June and July peaks as spot rates declined recently.
Goldman's analysis suggests that the sector may be due for a rebound. The firm notes that trucking spot rates typically accelerate in September and gain additional strength during the November and December holiday freight season.
The bank maintains buy ratings on J.B. Hunt Transport Services (JBHT), Landstar System (LSTR), and Old Dominion Freight Line (ODFL).