Craig-Hallum says Spartan order is from Amazon, boosts price target to $15

Craig-Hallum analyst Steve Dyer raised his price target for Spartan Motors (SPAR) to $15 from $12 after the company announced a 2,237 unit walk-in van order from a leading North American e-commerce company, which the analyst believes to be Amazon.com (AMZN). The stock in morning trading is up 14%, or $1.39, to $11.30. Dyer estimates the award is worth $70M, accretive to margins, and likely incremental to prior guidance. This announcement, combined with industry checks, suggests Spartan's business is "strong," the analyst tells investors in a research note. He thinks think there could be upside to the company's consensus estimates and reiterates a Buy rating on the shares.