Wachovia Upgrades Heartland Express (HTLD) to Outperform
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Wachovia upgrades Heartland Express (Nasdaq: HTLD) from Market Perform to Outperform with a $16-$17 valuation range.
The firm gave several reasons for its upgrade on Heartland:
- the Company looks attractively valued on a P/E basis, compared to its peers;
- Heartland has a large cash position on its balance sheet, totaling about $1.71/share, which could be used for acquisitions or stock buybacks;
- limited downside risk as the stock is currently trading at only 10.2% higher than its 52-week low of $12.98; and
- Heartland's margins are much larger than companies in its peer group.
Heartland Express, Inc. operates as a short-to-medium haul truckload carrier of general commodities in the United States.
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