UPDATE: UBS Downgrades Werner Enterprises (WERN) to Neutral
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UBS analyst Thomas Wadewitz downgraded Werner Enterprises (NASDAQ: WERN) from Buy to Neutral with a price target of $50.00 (from $47.00).
The analyst comments "We expect the truckload market to remain strong through most of 2021 with freight demand supported by the $1.9 trillion fiscal stimulus package. However, we do not expect an extended upcycle in truckload to drive stronger valuation for WERN and the increase in our 2022 EPS from $3.60 to $3.85 and our price target only translates to modest upside from the current stock price. We have lowered our rating from Buy to Neutral."
Shares of Werner Enterprises closed at $45.70 yesterday.
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