UPDATE: Jefferies Lowers PT on Werner Enterprises on 1Q Report Miss

In a report published Friday, Jefferies analyst Peter Nesvold reiterated a Hold rating on Werner Enterprises WERN, but slightly lowered the price target from $24.00 to $23.00. In the report, Nesvold noted, “WERN's 1Q report missed consensus by $0.04 on soft revenue and higher-than-expected operating costs (due, in part, to harsher winter weather). Our sense is that rates were up in the low single digits. All considered, we'd still rather focus on the out-of-favor East Coast rails at this point in the cycle.” Werner Enterprises closed on Thursday at $22.93.