Dahlman Rose & Co. Rates Con-Way A Buy, Has $38 Target (CNW)

Dahlman Rose & Co. continues to rate shares of Con-Way (NYSE: CNW) a Buy after the trucking company reported lower than expected earnings. It has a $38 price target on shares. However, Dahlman Rose is lowering 2010 and 2011 EPS estimates for the company.

In the report Dahlman Rose notes, "CNW reported 2Q10 EPS from continuing operations of $0.22, just below our estimate of $0.23 and well below consensus estimate of $0.30. This was primarily due to an increase in operating costs to accommodate record high tonnage levels. We continue to recommend CNW, but only for long term investors."

In early Friday trade, Con-Way shares are down 14 cents to $30.27.