Citi downgraded Werner (WERN) to Sell from Neutral with an unchanged price target of $34. The firm believes “significant optimism” is now priced into trucking stocks. With the share rallies brining valuation multiples to “historically-elevated levels,” Citi is turning more cautious on the truckers. It downgrade four names, saying that “cycle inflection” underway is now largely priced in.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WERN:
- Werner price target raised to $31 from $29 at Susquehanna
- Werner price target lowered to $28 from $30 at JPMorgan
- Werner reports Q4 EPS 5c, consensus 10c
- Werner Enterprises (WERN) Q4 Earnings Cheat Sheet
- Werner Enterprises: Neutral Rating Maintained as FirstFleet Acquisition Boosts Scale but Limits Upside at $31 Target