UPDATE: Wunderlich Securities Initiates Buy, $22 PT on Celadon Group; Acquisitions to Drive Earnings Growth

Wunderlich Securities initiates its coverage on Celadon Group

with a Buy rating and a price target of $22 a share. Wunderlich Securities notes, "We believe the stock should move higher as investors better reward CGI's strategic positioning over the last few years that includes: more diversified customer base, relatively young fleet, improved balance sheet and cash flow, better cost structure, and strong driver culture. In addition, CGI has been among the most active acquirers in the transportation space over the last several quarters having purchased the assets and drivers of four truckload fleets." CGI closed at $15.40 on Wednesday.