Werner upgraded to Neutral from Underperform at Baird

Baird analyst Daniel Moore last night upgraded Werner (WERN) to Neutral from Underperform with a price target of $34, up from $27. The acquisition of FirstFleet positions Werner as the fifth-largest dedicated carrier in the U.S., meaningfully expanding the company’s footprint and network density across the eastern half of the U.S., the analyst tells investors in a research note. The firm upped estimates and the stock’s rating following the deal announcement.