Vertical Research Partners Downgrades Marten Transport Ltd. (MRTN) to Hold

Vertical Research Partners analyst Jeffrey Kauffman downgraded Marten Transport Ltd. (NASDAQ: MRTN) from Buy to Hold with a price target of $19.00.

The analyst commented: "We are lowering our EPS expectations for MRTN and downgrading the shares from Buy to Hold. We continue to believe that MRTN is a premium story within the truckload marketplace, but the environment in truckload is more difficult than we anticipated and the duration of the downcycle is proving to be longer than our expectation. Against that backdrop, truckload carriers are unable to defend earnings attrition as we expected. The result is that 2024 earnings are annualizing at $0.45 at this time, which is much lower than the $0.70 we anticipated for 2024. We reduce our 2024e EPS from $0.70 to $0.56 noting there is still risk to our 2H24 outlook. We are also lowering our 2025e EPS by 20% to $0.80. On those lower expectations, our price target declines from $22 to $19, resulting in our ratings change."

For an analyst ratings summary and ratings history on Marten Transport Ltd. click here. For more ratings news on Marten Transport Ltd. click here.

Shares of Marten Transport Ltd. closed at $17.70 yesterday.

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