UPDATE: Stifel Downgrades Swift Transportation Co. to Hold, Removes PT on Valuation

In a report published Monday, Stifel analyst John Larkin downgraded the rating on

from Buy to Hold, and removed the $23.00 price target. In the report, Stifel noted, “Downgrading from Buy to Hold as the company's share price has traded through our 12-month fair value estimate of $23 (or 14.5x our 2015 EPS estimate of $1.61). Rating change is primarily valuation based as well as from our view that many transportation equities, including now Swift, are trading ahead of the still mediocre underlying freight market fundamentals. We still like the company's strategy, management team, and much improved ability to execute on its plans. To be clear, we believe that Swift Transportation has several growth opportunities ahead of itself, but those are currently reflected in the company's share price.” Swift Transportation Co. closed on Friday at $23.23.