UPDATE: Citigroup Trims PT to $28 on Werner Enterprises

Citigroup lowers its price target from $30 to $28 on Werner Enterprises WERN on softness in the company's fundamentals, while reiterating its Buy rating on shares following beat on Q1 results. Citigroup says, "While Werner ultimately beat EPS expectations by executing well in its VAS segment and controlling costs, underlying Truckload fundamentals were a bit weaker then expected. Within Truckload, pricing was solid at +3.2% YoY, although it benefitted from a 4% decline in average length of haul, while utilization was pressured at -0.5% YoY (versus our +0.5% target), which helped drive down total mileage to -1.0% (versus our +1.0% target)." WERN closed at $24.17 on Wednesday.