Swift Transportation (SWFT) PT Bumped to $24 at Stifel Following Solid Q3
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Stifel analyst John Larkin reiterated a Buy rating and bumped his price target on Swift Transportation (NYSE: SWFT) to $24.00 (from $23.00) following Q3 results.
- The truckload segment posted a 4% y/y contraction in revenue (excluding fuel surcharges) to $469 million, and a 140 basis point unfavorable increase in adjusted operating ratio (to 89.8%).
- The dedicated segment performance continued the positive trends which first emerged in 2015. Results reflected nice revenue productivity growth and improved pricing.
- The intermodal segment continues to struggle as the company strives to improve operational results.
- The refrigerated segment’s revenue (excluding fuel surcharges revenue) declined a little over 7% y/y.
- Swift’s leverage ratio remained in the 1.8x to 1.9x range at the end of 3Q16 compared to the 2.0x +/- range during 2015.
- SWFT is trading near the middle of its historical range on an absolute basis and on a basis relative to the truckload sector, when compared to trailing 10-year adjusted trading statistics.
- Our 2016, 2017, and 2018 EPS estimates remain unchanged at $1.32, $1.48, and $1.73, respectively.
Shares of Swift Transportation closed at $20.28 yesterday.
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