UPDATE: Deutsche Bank Raises Con-way's PT

According to a research report published this morning, Deutsche Bank has increased Con-way's

PT from $31 to $38. In the report, Deutsche Bank said, "Tuesday, CNW reported Q1 adjusted EPS of $0.45, above our estimate of $0.36 and Consensus of $0.34. Adjusted EPS excludes $0.2 million ($0.01/share) of favorable tax adjustments. Upside to our estimate was driven by strong operating performance at Freight as the company continues to benefit from yield improvement and operational efficiencies despite only modest tonnage growth (up 1.5% y/y). While we have raised our 2012-13E EPS estimates on the heels of Freight's productivity improvements, CNW remains Hold-rated as we see a balanced risk/reward at current levels." Con-way closed yesterday at $37.