UPDATE: Citi Downgrades Con-way

In a note released Friday morning, Citi analyst Christian Wetherbee downgraded shares of Con-way (NYSE: CNW) from Buy to Neutral and increased the price target from $48 to $52.

Wetherbee's downgrade comes amid the sentiment that improvements in LTL margins for 2015 have been priced in. He highlighted the fact that this downgrade does not represent expectations of a miss on the company's second-quarter earnings. In fact, Wetherbee is above the consensus on second quarter EPS by $0.01 at $0.75.

Shares of Con-way are down 1.18 percent.