UPDATE: Stifel Reiterates Buy Rating, Raises PT on Celadon Group Following News of Acquisition of Yanke Transfer Assets

In a report published Tuesday, Stifel analyst John Larkin reiterated a Buy rating on Celadon Group CGI, and raised the price target from $21.00 to $22.00. In the report, Stifel noted, “Celadon Group announced on Monday that it has agreed to acquire selected assets of N. Yanke Transfer Limited, a Saskatoon, Saskatchewan based trucking company. Yanke generated $90 million in revenue in 2012 and operates approximately 300 tractors, including over 100 expedited trucks. The additional 300 tractors represent an approximate 10% increase to Celadon's fleet size (prior to the acquisition, F1Q14 average tractor count was 3,024).” Celadon Group closed on Monday at $20.79.