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UPDATE: Wunderlich Securities Reiterates On Con-way Following Strong 1Q14 Results

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In a report published Friday, Wunderlich Securities analyst Nicholas J. Bender reiterated a Hold rating on Con-way (NYSE: CNW), and raised the price target from $40.00 to $44.00.

In the report, Wunderlich Securities noted, “Con-way (CNW) reported better-than-expected 1Q14 results on Wednesday afternoon, with EPS of $0.20 topping the $0.16 consensus. Management's conference call yesterday brought more optimism, and it appears the company is once again hitting its stride as we enter a period of more favorable seasonality. Improving LTL demand conditions are at the company's back, spurring an acceleration in tonnage growth and putting consistent margin enhancement within reach.

"As a result, we are raising our estimates slightly and increasing our price target from $40 to $44, reflecting a valuation level that is more in line with the peer group. Nevertheless, we believe a permanent inflection in operating margin is still several quarters off, at the earliest, and remain comfortable with our Hold rating.”

Con-way closed on Thursday at $44.26.

Latest Ratings for CNW

Dec 2014NomuraInitiates Coverage onNeutral
Oct 2014CitigroupMaintainsNeutral
Oct 2014Credit SuisseMaintainsOutperform

View More Analyst Ratings for CNW
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Posted-In: Nicholas J. Bender Wunderlich SecuritiesAnalyst Color Price Target Analyst Ratings


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