Deutsche Bank Downgrades Con-Way to Hold (CNW)
Con-Way (NYSE:CNW) was downgraded by research analysts at Deutsche Bank from a “buy” rating to a “hold” rating in a report released on Monday, TheFlyOnTheWall.com reports. They currently have a $45.00 price objective on the stock, down from their previous price objective of $46.00. Deutsche Bank’s price objective suggests a potential upside of 13.21% from the stock’s previous close.
The analysts wrote, “We have introduced our 2015 EPS estimates and adjusted our 2013-14E earnings estimates to incorporate DB’s House view as we expect slow growth to continue well into 2014. However, this is not a bad environment for earnings growth as cost inflation is generally modest (excluding TL where new government regulations, a tight market for qualified drivers, and more expensive equipment are driving above-average cost increases) and volumes are expanding, albeit at a slower-than-desired pace. DB expects economic growth to accelerate in H2 2014 on the strength of housing, which should help drive freight demand. Our new price targets are derived using a forward P/E multiple on our CY2015E EPS estimates.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks downgraded shares of Con-Way from a “neutral” rating to an “underperform” rating in a research note to investors on Tuesday, November 5th. They now have a $39.70 price target on the stock. Separately, analysts at Credit Suisse cut their price target on shares of Con-Way from $48.00 to $45.00 in a research note to investors on Friday, November 1st. They now have an “outperform” rating on the stock. Finally, analysts at Cowen and Company cut their price target on shares of Con-Way from $49.00 to $45.00 in a research note to investors on Friday, November 1st. They now have an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $42.79.
Con-Way (NYSE:CNW) traded down 2.01% during mid-day trading on Monday, hitting $38.95. 249,016 shares of the company’s stock traded hands. Con-Way has a 52 week low of $26.93 and a 52 week high of $46.52. The stock’s 50-day moving average is $41.43 and its 200-day moving average is $41.79. The company has a market cap of $2.216 billion and a P/E ratio of 22.81.
Con-Way (NYSE:CNW) last released its earnings data on Wednesday, October 30th. The company reported $0.58 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.62 by $0.04. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the company posted $0.45 earnings per share. Con-Way’s revenue was down .4% compared to the same quarter last year. On average, analysts predict that Con-Way will post $1.84 earnings per share for the current fiscal year.
Con-way Inc and its subsidiaries (NYSE:CNW) provides transportation, logistics and supply-chain management services for a range of manufacturing, industrial and retail customers.
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