Wells Fargo upgrades Werner to Equal Weight, raises target to $31

As previously reported, Wells Fargo upgraded Werner (WERN) to Equal Weight from Underweight with a price target of $31, up from $22. Entering 2026, the firm thinks an incrementally more offensive approach to the group with a greater focus on early cycle makes sense. Wells sees two themes emerging in 2026, namely the long-awaited TL recovery led by supply and rail M&A and its implications. The firm further believes continued spot rate improvement is possible as TL capacity is rationalized and demand is consistent/improves. Discussing Werner, Wells says that while less exposed to spot improvement, market stability has allowed for a better positioning of assets, which removes a degree of earnings risk.