UPDATE: Stifel Nicolaus Upgrades Echo Global Logistics to Buy
Stifel Nicolaus raises its rating on Echo Global Logistics (NASDAQ: ECHO) to Buy from Hold on valuation grounds, and establishes a $20 price target.
Stifel Nicolaus says, "The company's shares have traded off over the last two months after the company beat Street consensus EPS estimates for 4Q11 by $0.01 and announced guidance in line with our expectations. We continue to believe that the company will achieve higher than normal growth through additions to its transactional sales force headcount, additions of new enterprise clients, and increased productivity (i.e. higher average sales per broker).
ECHO closed at $16.24 yesterday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.