UPDATE: Citi Downgrades Con-way Inc.

In a note released Friday morning, Citi analyst, Christian Wetherbee downgraded shares of Con-way Inc.

from Buy to Neutral and increased the price target from $48 to $52. Wetherbee's downgrade comes amid the sentiment that improvements in LTL margins for 2015 has been priced in. He highlighted the fact that this downgrade does not represent expectations of a miss on the company's second quarter earnings. In fact, Wetherbee is above the consensus on second quarter EPS by $0.01 at $0.75. shares of Con-way are down just under one percent following the release of the note.