UPDATE: UBS Upgrades Swift Transportation (SWFT) to Buy
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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.
Shares of Swift Transportation closed at $20.28 yesterday.
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