Piper Jaffray Maintains Neutral on Knight Transportation

Piper Jaffray is out with its report today on Knight Transportation KNX, maintaining Neutral. In a note to clients, Piper Jaffray writes, "We are updating our KNX estimates given the potential for operating costs to trend heavier in 2Q11 (similar to 1Q11) and the softness in the US Freight market in April and May, reducing volumes. KNX will report its 2Q11 results after market close on Wednesday, 7/27. We lowered our 2Q11 EPS by a penny to $0.19 and our 2011 EPS is now $0.77 (versus $0.78 previously). Our 2012 EPS remains unchanged at $1.00. Maintaining Neutral rating and $21 PT based on 20.5x P/E our 2012 EPS." Shares of KNX closed Monday at $17.05, down 1.96% from Friday's close.