UPDATE: Stifel Nicolaus Upgrades Marten Transport to Buy on Valuation

Stifel Nicolaus raises its rating on Marten Transport

from Hold to Buy and establishes a $24 price target on shares. Stifel Nicolaus notes, "Marten Transport is one of the largest temperature-controlled truckload-based carriers in the U.S. and hauls freight such as food, pharmaceuticals, and cosmetics - all of which tend to hold up well even as the economy experiences soft patches. We believe that the company should be able to further leverage its maturing regional truckload, intermodal, and brokerage businesses in 2012, 2013 and 2014 as shippers of perishable goods seek to align themselves with large, financially strong, and well systematized carriers as they anticipate accelerating tightness in supply and demand within the temperature-controlled arena. We believe Marten Transport is one of a few large temperature-controlled carriers (and the only publicly traded temperature-controlled carrier) that should benefit from those trends." MRTN closed at $19.28 on Thursday.