UPDATE: Stifel Nicolaus Upgrades Marten Transport to Buy, Establishes $21 PT

Stifel Nicolaus upgraded its rating on Marten Transport, Ltd.

to Buy from Hold and established a $21 price target as the company is ripe for upside due to performance. According to Stifel, “The company's common shares have traded down more than 25% from one year ago (versus +1.5% return for the S&P) and are trading near the low end of the 52-week range ($15.90-$23.32). Meanwhile, the company's performance has been respectable; Marten remains on track to grow EPSabout 15% y/y in 2011.” MRTN traded at $16.49 on Thursday.