UPDATE: Stifel Nicolaus Lowers PT to $23 on Marten Transport on Fuel, Volume Concerns

Stifel Nicolaus reiterated its Buy rating on Marten Transport

but reduced its price target from $25 to $23. Stifel Nicolaus commented, "The reduction to our 3Q12 EPS estimate is related to fuel prices that have increased 13% as the quarter has progressed as well as to reflect decreasing load-to-truck ratios exhibited in the reefer industry. The slight downward revisions to our 2013 and 2014 EPS estimates reflect an expectation for even more modest economic growth (i.e., 1.0%-1.5% annual GDP growth) relative to what we were previously assuming. We also note that seven companies under our transportation and logistics coverage have now negatively preannounced 3Q12 EPS, with most citing rising fuel prices and decelerating." Marten Transport closed at $17.48 on Wednesday.