J.P. Morgan Lowers Con-Way PT To $29 (CNW)

J.P. Morgan lowered its Con-Way CNW price target to $29 from $33 in a research report published today. In the report, J.P. Morgan states, "CNW's 4Q10 EPS was a bit weaker than expected even after a downside pre-report several weeks ago. CNW's LTL business continued to struggle in 4Q10 with an OR of 99.6% despite a 4.9% y/y increase in base LTL pricing (revenue / hundred weight). We believe that CNW is likely to gradually transition to improving margin and EPS performance in 2011 but EPS performance is still likely to be at a depressed level. We continue to believe that reward to risk for CNW stock is not attractive." Shares of Con-Way closed Wednesday at $33.37, reflecting no change from Tuesday's market close.