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Deutsche Bank upgraded YRC Worldwide (NASDAQ: YRCW) from Hold to Buy with a price target of $24.00 (from $22.00).
Analyst Robert Salmon said, "We are upgrading shares of YRCW to Buy (from Hold) as we believe Q3 represented the beginning of an LTL turnaround story that we believe will produce strong incremental margins as YRC Freight adds density to an underutilized fixed-cost network, raises yields given improving service and technology investments, and optimizes its cost structure. Yesterday, YRCW reported Q3 adjusted EBITDA of $81.6 million, which was above our estimate of $78.3 million and its pre-announced range of $75-80 million, as the company reaped the benefits from its network optimization initiatives, a strengthening pricing environment, and better cost controls."
Shares of YRC Worldwide closed at $18.20 yesterday.
Deutsche Bank Upgrades YRC Worldwide (YRCW) to Buy
YRCW: Summary for YRC Worldwide, Inc.- Yahoo! Finance
:smilie93C_peelout:
Analyst Robert Salmon said, "We are upgrading shares of YRCW to Buy (from Hold) as we believe Q3 represented the beginning of an LTL turnaround story that we believe will produce strong incremental margins as YRC Freight adds density to an underutilized fixed-cost network, raises yields given improving service and technology investments, and optimizes its cost structure. Yesterday, YRCW reported Q3 adjusted EBITDA of $81.6 million, which was above our estimate of $78.3 million and its pre-announced range of $75-80 million, as the company reaped the benefits from its network optimization initiatives, a strengthening pricing environment, and better cost controls."
Shares of YRC Worldwide closed at $18.20 yesterday.
Deutsche Bank Upgrades YRC Worldwide (YRCW) to Buy
YRCW: Summary for YRC Worldwide, Inc.- Yahoo! Finance
:smilie93C_peelout:
