UPDATE: Deutsche Bank Downgrades Con-way to Hold, Lowers PT on Expected Slow Growth Recovery

In a report published Monday, Deutsche Bank analyst Justin Yagerman downgraded the rating on

from Buy to Hold, and lowered the price target from $46.00 to $45.00. In the report, Deutsche Bank noted, “We have introduced our 2015 EPS estimates and adjusted our 2013-14E earnings estimates to incorporate DB's House view as we expect slow growth to continue well into 2014. However, this is not a bad environment for earnings growth as cost inflation is generally modest (excluding TL where new government regulations, a tight market for qualified drivers, and more expensive equipment are driving above-average cost increases) and volumes are expanding, albeit at a slower-than-desired pace. DB expects economic growth to accelerate in H2 2014 on the strength of housing, which should help drive freight demand. Our new price targets are derived using a forward P/E multiple on our CY2015E EPS estimates.” Con-way closed on Friday at $39.75.