DA Davidson Downgrades Wabash National to Neutral, PT Lowered to $9

DA Davidson Downgrades Wabash National to Neutral, PT Lowered to $9

DA Davidson has revised its price target for Wabash National (NYSE: WNC) to $9.00, down from $9.50, while maintaining a Neutral rating following the company's underwhelming third-quarter results. The downgrade comes as the stock has seen a significant decline of nearly 48% year-to-date, with analyst targets ranging from $9.50 to $16.00 DA Davidson lowers Wabash National stock price target on weak Q3 results^[1].

The transportation equipment manufacturer pre-announced adjusted earnings per share of -$0.51, significantly below analyst expectations of -$0.24 and DA Davidson’s estimate of -$0.21. Revenue for the quarter came in at $382 million, falling short of both DA Davidson’s $399 million projection and the consensus estimate of $391 million.

DA Davidson noted that the results were not entirely surprising, as management had conveyed a cautious tone during investor meetings and a conference in September. The firm maintained its Neutral rating on Wabash National stock, citing "low visibility" as attention shifts to 2026, when industry forecaster ACT Research expects a decline in the first half followed by growth in the second half. The company’s current market capitalization stands at $355 million, with a price-to-book ratio of 0.92.

Meanwhile, Wabash has expanded its operations in the Southeast by opening a new Parts & Service center in the Atlanta area and forming strategic partnerships with Fleetco and CS Truck and Trailer. The company has also partnered with Global Tank to extend its tank trailer network into eight new states, including Kansas and Missouri. DA Davidson has reiterated its Neutral rating on Wabash National stock, maintaining a price target of $9.50. The firm noted a year-over-year increase in trailer orders for August but advised caution, as it is an off-peak month for the industry.

In other recent news, WaterBridge Infrastructure LLC has completed its initial public offering of Class A shares, marking a significant financial milestone for the company. Following the IPO, WaterBridge merged its subsidiaries, including WaterBridge NDB Operating LLC and NDB Intermediate Holdings, LLC, into WaterBridge Midstream Operating LLC. In addition, the company amended its credit facilities, securing obligations with a first-priority lien on most subsidiary assets and allowing for term loan obligations up to $1.15 billion. WaterBridge also announced plans to begin construction of the Speedway Pipeline in late 2025, with completion expected by mid-2026, pending commercial negotiations.