UPDATE: Wunderlich Securities Initiates Buy, $14 PT on Swift Transportation; Macro Recovery Upside
Wunderlich Securities initiates its coverage on Swift Transportation (NYSE: SWFT) with a Buy rating and a $14 price target on shares.
Wunderlich Securities says, "Swift Transportation is the largest truckload carrier in North America, with a fleet of more than 14,500 tractors. SWFT has developed offerings in intermodal and brokerage, but remains significantly levered to truckload fundamentals. Swift underwent restructuring efforts in the last few years after being taken private by CEO Jerry Moyes in 2007. We believe the company is poised for outperformance in an improving macroeconomic climate due to significant financial and operating leverage, intermodal growth, potential for accretive debt paydowns, and its large-scale footprint."
SWFT closed at $10.37 on Wednesday.
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