Market Overview

UPDATE: Citigroup Upgrades Con-Way to Buy; Weak Quarter Signals Inflection

Related CNW
Con-way Freight Announces Fall 2014 General Rate Increase
Con-way Announces Enhancements To Driver Pay Package At Con-way Freight
Dow Transports Slump on Profit Taking, Economic Worries (Fox Business)

Citigroup upgraded Con-Way (NYSE: CNW) from Neutral to Buy and raised the price target from $30.00 to $39.00.

Citigroup commented, "There are three key drivers of our upgrade; 1) core pricing increased 4.2% YoY in 4Q, as an already good pricing environment was boosted by a 4% increase in length of haul. The length of haul gains came from new customers, so it's likely that yields see a tailwind through much of 2013. 2) Volumes for January are down 1.2%, which was better than our target and bodes well for 1Q and beyond as the January comp is the toughest of 2013. 3) Better pricing and volumes in 1H13 bridges EPS until 2H13, when we believe benefits from Con-way's productivity initiatives should aid profitability."

Con-Way closed at $31.97 on Wednesday.

Latest Ratings for CNW

DateFirmActionFromTo
Oct 2014Deutsche BankMaintainsHold
Oct 2014CitigroupMaintainsNeutral
Oct 2014Bank of AmericaMaintainsNeutral

View More Analyst Ratings for CNW
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Upgrades Analyst Ratings

 

Related Articles (CNW)

Around the Web, We're Loving...

Get Benzinga's Newsletters