UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Swift Transportation on Raised EPS Estimates

In a report published Monday, Bank of America reiterated its Buy rating on Swift Transportation Co.

, and raised its price target from $15.00 to $17.00. Bank of America noted, “We are increasing our 2013 and 2014 EPS estimates 3% each, to $1.19 and $1.35, from $1.15 and $1.30, respectively. Additionally, we are increasing our price objective 13%, to $17 from $15, as we increase our target multiple to 14x from 13x. Our target multiple is at the bottom end of its 13x-22x trading range and the overall truckload sector of 14x-22x (over the past 17 years),which we believe provides additional upside potential as the company continues to improve its operating performance and reduces its financial leverage. The shares remain one of our top picks for 2013.” Swift Transportation Co. closed on Friday at $13.50.