Werner downgraded to Underperform from In Line at Evercore ISI

Evercore ISI analyst Jonathan Chappell downgraded Werner (WERN) to Underperform from In Line with a price target of $21, down from $27. The company reported a Q1 miss driven by elevated insurance costs, extreme weather, and accelerated IT spend, all coupled with operational inefficiencies and an ongoing truckload market trough, the analyst tells investors in a research note. The firm says the underlying fundamentals of the truckload and logistics businesses remain soft, and Werner’s defensive operating strategy “has not shielded it from the market challenges as in past cycle downturns.” Evercore sees more downside risk to the shares.