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A report released Thursday morning, Citigroup analyst Christian Wetherbee upgrades Knight Transportation
KNX to BUY from NEUTRAL, increaseing price target from $17 to $22.
Citigroup cited two potential catalysts for their upgrade, "First; Knight appears intent on resuming growth in ‘14 and may use an acquisition to get it. While it remains involved with USA Truck
USAK, valuation sensitivity may prevent the deal from being complete, but Knight could refocus attention to another target. Second; we believe continued economic growth and Hours of Service restricted capacity could drive improvement in TL fundamentals, potentially aiding yield growth and margins."
KNX closed Wednesday at $18.66 and is currently trading up at $18.93.
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