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Fly News Breaks for January 14, 2020
USX, WERN
Jan 14, 2020 | 06:51 EDT
As previously reported, BofA analyst Ken Hoexter upgraded Werner (WERN) and U.S. Xpress Enterprises (USX), each to Buy from Neutral. Truck spot rates have inflected over the past month as the more than 700 carrier bankruptcies in 2019 and net orders that remained well below replacement has improved the supply/demand imbalance, Hoexter tells investors. He also thinks the market could see continued truckload pricing improvement given the doubling of drug testing in 2020 to 50% of drivers from 25% in 2019, the analyst added.
News For WERN;USX From the Last 2 Days
WERN
Apr 15, 2024 | 09:17 EDT
BofA analyst Ken Hoexter lowered the firm's price target on Werner to $34 from $35 and keeps an Underperform rating on the shares. The firm lowered its truckload Q1 EPS estimates 11% on average and 2024 EPS estimates 8% on average, citing demand, rate, and margin pressure from the elongated freight downcycle.
