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In a report published Tuesday, Wunderleich Securities Analysts Nicholas Bender reiterated a Buy rating on Swift Transportation (NYSE: SWFT) and raised its price target to $26 from $24. Swift recently reported EPS on the higher end of estimates, which are expected to increase by an addition 15% by management's FY14 guidance. Swift is also trading a slight discount to its peers.
Wunderleich Securities noted, "Despite numerous growth drivers that include share gain in a consolidating market, tuck-in acquisitions, and operational improvement, shares of SWFT continue to trade at roughly a 300-400 bps discount to the peer group on a forward P/E basis. Operational execution, systematic deleveraging, debt refinancing, and outsized leverage to improving freight fundamentals should result in a more normalized peer group multiple for Swift. We are raising our price target from $24 to $26 based on a 16x multiple applied to our FY15 EPS."
On Monday, Swift Transportation Company closed at $21.60.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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