UPDATE: JP Morgan Raises PT on Swift Transportation on Cyclical Drivers

JP Morgan maintained Swift Transportation

with an Overweight rating and raised the price target from $16.00 to $17.00. JP Morgan analyst Thomas R. Wadewitz noted, "Last week on Thursday and Friday we hosted investor meetings with SWFT management in Boston and New York including President & COO Richard Stocking and EVP & CFO Ginnie Henkels. The meetings were upbeat as SWFT clearly communicated their strong focus on process improvement, driver incentives and equipment utilization which support an attractive company specific margin story. SWFT has leverage to a potential tightening in the truckload market in 2H13 which would translate to stronger pricing and a boost to EPS." Swift Transportation closed at $15.03 on Monday.