J P M O R G A N North America Equity Research 10 July 2026 Transportation & Logistics 2Q26 Preview: Bumps in the Road Ahead, No Clear Signs of a Cycle Peak Yet Although we are decidedly less optimistic ahead of this earnings season than we were in 1Q26 (recap here), the current setup looks more like a near-term plateau heading into a seasonally softer part of summer than a clear cycle peak. Our Summer Speaker Series of nine expert calls and recent discussions across the LTL industry reinforced that there is ...

J P M O R G A N North America Equity Research 10 July 2026 Transportation & Logistics Model Updates for 2Q26 Earnings Preview In this note we are updating estimates and price targets as part of our 2Q26 Earnings Preview, with further details available in our accompanying note and slides. Our estimates and targets have mostly modestly increased across the board, driven by higher 2027 forecasts, which reflect a better pricing environment for freight and a healthy, resilient consumer. However, we remain genera ...