Werner Enterprises Faces Sell Rating Amid Stagnant Spot Rates and Muted DemandWe lower our 3Q25, 2025, and 2026 EPS estimates 10%, 6%, and 5%, to $0.14, $0.33, and $1.00, from $0.15, $0.35, and $1.05, respectively, as we see signs of continued truckload spot rate stagnation and muted demand. We remain Underperform and lower our PO to $26 (from $27) on 26.5x our 2026e EPS (no change), above its above its 13x- 20x range as it passes EPS trough in ‘25, yet we remain cautious given margin pressure. WERN hoped for seasonality; channel checks still sluggish Given pre-shipping, the current soft trucking market suggests a slow start to peak season. During its 2Q call, CEO Derek Leathers expected continued gradual capacity exits to improve the challenging supply/demand backdrop, leading spot rates to follow seasonal (improving) trends in 2H25.