UPDATE: Stifel Nicolaus Downgrades Marten Transport to Hold
Stifel Nicolaus lowers its rating on Marten Transport (NASDAQ: MRTN) to Hold from Buy based on valuation.
Stifel Nicolaus says, "While we continue to admire the company's ongoing program of operational improvement and its repositioning into the intermodal and regional truckload markets, its common shares have traded up recently and our fair value price of $23 (or 15.0x our unchanged 2013 EPS estimate of $1.50) only provides 0.2% upside potential over the most recent trading price, thus we are downgrading Marten's common shares in order to sharpen our focus on other Buy-rated names offering more significant upside."
MRTN closed at $22.95 a share yesterday.
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