Piper Jaffray Reiterates Underweight on Con-way

Piper Jaffray is out with its report today on Con-way

, reiterating Underweight. In a note to clients, Piper Jaffray writes, "We believe the removal of profitability contingency - two days after 2Q11 books close - could suggest Freight performance is potentially lagging management and Consensus EPS expectations (which rose post 1Q11 results). We reiterate our Underweight rating." Piper Jaffray maintains a $26 PT on CNW. Shares of CNW closed Tuesday at $39.63, down 0.80% from Friday's close.