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UPDATE: Bank of America Downgrades Con-Way to Underperform on Costs, Freight Weakness

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Bank of America reduced its rating on Con-Way (NYSE: CNW) from Buy to Underperform and lowered its price objective from $37 to $27.

Bank of America noted, "We are lowering our rating on Con-way's shares to Underperform from Buy given the weak freight market, which has already pressured the shares (CNW is down 26% since mid-June), but will likely be compounded with further pressure as the company works to expense its new load program software package. We lower our price objective to $27 from $37, based on an 11x target multiple (from 14x) on our revised 2013 EPS estimate, which is at the lower end of its 10x-18x historical trading range."

Con-Way closed at $27.62 on Wednesday.

Posted-In: Bank of AmericaAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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