UPDATE: Baird Equity Research Upgrades Swift Transportation as Emerging Growth Profile Appears Undervalued

In a report published Monday, Baird Equity Research analyst Benjamin J. Hartford upgraded the rating on Swift Transportation Co. (NYSE: SWFT) from Neutral to Outperform, and raised the price target from $25.00 to $28.00.

In the report, Baird Equity Research noted, “Sluggish industry trends limit signs of any truckload rate growth inflection in 2014, but 1) recent industry M&A and ongoing capacity constraints should protect pricing's downside risk, and 2) truckload stock relative performance is at decade lows. We believe SWFT's model is uniquely positioned to capitalize on changing freight dynamics; and its emerging growth profile and discount to peers present a compelling combination for investors, even accounting for YTD outperformance.”

Swift Transportation closed on Friday at $23.23.