Deutsche Bank Downgrades Werner Enterprises (WERN) to Hold
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Deutsche Bank downgraded Werner Enterprises (NASDAQ: WERN) from Buy to Hold with a price target of $27 (unchanged). The downgrade was tied to "relative value."
Analyst Amit Mehrotra said, "We are lowering our rating on WERN shares to Hold from Buy solely on valuation and relative value considerations. Shares are trading within 3% of our $27 price target and are now valued at 22x NTM EPS, which is 6 turns (40%) above historical trading levels. While WERN remains very well positioned to see earnings recovery from tightening trucking supply, improvements are largely discounted in our view given recent stock performance and aforementioned valuation."
Shares of Werner Enterprises closed at $26.10 yesterday.
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