Piper Jaffray Reiterates Its Overweight Rating on Werner Enterprises (WERN)

Piper Jaffray is out with a report on Werner Enterprises WERN reiterating its Overweight on WERN in the lead up to Q4 results. In a note to clients, Piper Jaffray writes, "We've lowered our 4Q10 EPS estimate from $0.33 to $0.31 (now in line with consensus) given a modest downward adjustment to volume (both Truck and VAS despite a solid demand 4Q10; WERN managing for yield) and a tweak to cost mix (mainly Purchased Transportation). Given our increased conviction in stronger than expected 2011 TL yields versus our prior expectations and its potentially amplified impact on WERN's changed model this cycle we are reiterating our Overweight rating and raising our target price to $29 from $28." WERN closed yesterday at $23.11, down 2.51% from Tuesday's close.