NEW YORK, February 4 (FinanceEnquiry.com) - Analysts at Deutsche Bank Securities reiterate their Hold rating on the shares of Con-way Inc. (NYSE: CNW). The 12-month target price is set to $31.
 
In a research note published yesterday, the analysts mention that Con-way reported Q4 adjusted EPS of $0.26 short of the estimate and consensus of $0.35 and $0.37, respectively. The adjusted EPS excludes a $10 million pretax gain on a purchase price adjustment related to the 2007 acquisition of Chic Logistics. The miss in the results reflects poor performance at Con-way Freight, as cost overruns failed to improve margins as expected. Moreover, the segment’s results were constrained by a $5.3 million catch up on a retirement actuarial reserve adjustment, which has been included in continuing operations. The upside in Q4 estimates was supported by Menlo Logistics and Con-way Truckload, though the downside at Freight overcame these otherwise solid reports, Deutsche Bank Securities adds.