Wells Fargo Upgrades Knight Transportation (KNX) to Outperform; Raising Estimates As Growth Picks Up

Wells Fargo upgraded Knight Transportation (NYSE: KNX) from Market Perform to Outperform, price target range raised from $19-21 from $17-18.

Analyst, Anthony P. Gallo, said, "We are upgrading the shares of KNX on an improved growth profile that stems from a modestly accommodating freight market, improved execution in the core truckload business, and successful diversification into related businesses. We raise our 2012 EPS estimate to $0.95 from $0.91 following Q1 2012 "beat" ($0.18 vs. our $0.14E). We are modestly above Q2 and Q3 guidance, which we think is conservative given recent performance. We raise our 2013 estimate to $1.14 from $1.04. We think upside in the last two quarters reflects good cost containment against accelerating revenue growth and in spite of low single digit pricing."

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

Shares of Knight Transportation closed at $16.60 yesterday.

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