UPDATE: UBS Upgrades Swift Transportation (SWFT) to Buy

October 25, 2016 6:46 AM EDT
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Price: $23.83 +0.51%

Rating Summary:
    17 Buy, 9 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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(Updated - October 25, 2016 8:20 AM EDT)

UBS upgraded Swift Transportation (NYSE: SWFT) from Neutral to Buy with a price target of $24. Analyst Thomas Wadewitz said Q3 results showed solid execution.

"On Monday night SWFT reported upside 3Q results of $0.34/share versus Consensus of $0.32 and our estimate of $0.30/share. While SWFT benefited from a few one off items it was still a very solid result with EPS growth of 9% providing a sharp contrast to falling EPS at other TL names. SWFT's 3Q performance boosts our confidence in their ability to execute amid a weak TL market and it supports a narrowing of the wide P/E gap versus the TL group. We are raising our rating on SWFT to Buy as reward to risk is compelling even with limited visibility to the exact timing of a TL market turn," said Wadewitz.

For an analyst ratings summary and ratings history on Swift Transportation click here. For more ratings news on Swift Transportation click here.

Shares of Swift Transportation closed at $20.28 yesterday.

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