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Investing.com - Morgan Stanley (NYSE:MS) has reduced its price target on Heartland Express (NASDAQ:HTLD) to $11.00 from $12.00 while maintaining an Equalweight rating on the trucking company’s stock. The stock, currently trading at $7.70, has declined over 33% in the past six months, though InvestingPro analysis suggests the shares are currently undervalued.
The price target adjustment comes as Morgan Stanley notes "early signs of operational improvement" at Heartland Express, though the firm indicates that overall "results remain underwhelming." Despite recent challenges, the company maintains a notable track record of 23 consecutive years of dividend payments, demonstrating long-term financial stability.
Morgan Stanley believes the company needs to demonstrate "sustained execution to shift sentiment" among investors, suggesting that consistent performance improvements will be necessary to change market perception.
The firm acknowledges that management’s strategic lane reductions and technology transitions may potentially benefit the company’s operations going forward.
However, Morgan Stanley states that investors will require "more definitive proof" of operational improvements "before rewarding the stock, which continues to lag" in performance compared to its sector peers.
In other recent news, Heartland Express, Inc. held its Annual Meeting of Stockholders, where significant proposals were approved. The meeting resulted in the election of seven directors to the Board of Directors, who will serve until the next annual meeting in 2026. The elected directors include Michael J. Gerdin, Dr. Benjamin J. Allen, James G. Pratt, Brenda S. Neville, David P. Millis, Dr. Brenda M. Lantz, and Amanda M. Hupfeld. Each nominee received strong support, with the majority securing over 60 million votes in favor. Additionally, the company ratified its independent accounting firm and approved executive compensation. These developments mark important governance decisions for Heartland Express.
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