UPDATE: Stifel Nicolaus Reduces PT to $15 on Swift Transportation on Fuel, Volume Headwinds
Stifel Nicolaus reiterated its Buy rating on Swift Transportation (NYSE: SWFT) but lowered its price target from $16 to $15.
Stifel Nicolaus said, "The company noted the rise in fuel prices seen in 3Q12 above its expectations and the softer freight environment as the reasons for the fine-tuning of expected 3Q12 results. As we have noted, the trucking market has not seen as strong a seasonal increase at the end of August and beginning of September as it historically would, which the company echoed in its comments today. Regarding fuel, diesel prices have increased 13%, or ~$0.50, since the beginning of the quarter and are up over 7% y/y so far for the month of September, creating a near-term headwind for the company."
Swift Transportation closed at $8.48 on Wednesday.
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