UPDATE: Deutsche Bank Upgrades Con Way to Buy on Favorable Risk/Reward, Catalysts

Deutsche Bank upgraded Con Way (NYSE: CNW) from Hold to Buy and raised the price target to $43.00.

Deutsche Bank commented, "We are upgrading CNW to Buy as we now see a favorable risk/reward given improving manufacturing activity, a strengthening housing market, and company-specific initiatives. Moreover, we see several near- to medium-term catalysts for shares: (a) improved investor sentiment; (b) high-profile competitor struggles; (c) potential for better LTL performance (pricing and cost initiatives may bear fruit in H2 2013); and/or (d) a management change if CNW continues to trip over its own feet operationally. While we remain disappointed with management's execution this business cycle, our sense is that the company's operational investments will begin to play out in H2 and 2014."

Con Way closed at $35.61 on Thursday.

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