UPDATE: Stifel Nicolaus Downgrades Marten Transport to Hold on Valuation

In a report published Tuesday, Stifel Nicolaus analyst John Larkin downgraded Marten Transport MRTN from Buy to Hold, and removed the $25.00 price target.

In the report, Stifel Nicolaus noted, “We are downgrading the shares of Marten Transportation from Buy to Hold on the basis of valuation, as the company's shares are currently trading within 2% of our 12-month target price of $25 (or 14.0x our 2015 EPS estimate of $1.76), which does not provide enough upside potential, in our view, to maintain our Buy rating. However, we again note that the reefer market has continued to seasonally strengthen in recent weeks and Marten remains poised to continue to grow with refrigerated freight—although that upside appears priced into the company's shares, in our view.”

Marten Transport closed on Monday at $24.45.