Wabash National

WNC · NYSE

$12.73+$0.47 (+3.83%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $12.26

WNC analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 3 analysts

Average $22.95 (+80.3% upside)

Low: $20.20
Now: $12.73
High: $26.25

Upgrades and downgrades

The latest rating actions, newest first

WNC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
DA Davidson	Sep 22, 2026	Maintains	Buy	$20.00	54%
DA Davidson	Aug 24, 2026	Maintains	Buy	$20.00	54%
DA Davidson	Jul 22, 2026	Maintains	Buy	$20.00	54%
Citizens	Jul 15, 2026	Initiates	Market Outperform	$25.00	32%
DA Davidson	Jun 17, 2026	Upgrade	Neutral → Buy	$8.50 → $20.00	54%
DA Davidson	May 21, 2026	Maintains	Neutral	$8.50	54%
DA Davidson	May 5, 2026	Maintains	Neutral	$11.00 → $8.50	54%
DA Davidson	Feb 19, 2026	Maintains	Neutral	$11.00	54%
DA Davidson	Feb 10, 2026	Maintains	Neutral	$9.00 → $11.00	54%
DA Davidson	Dec 19, 2025	Maintains	Neutral	$9.00	54%

The case for and against

Updated Oct 21, 2026

Bull case

Wabash National is viewed positively because August trailer-industry data showed a sharp demand inflection, with total orders up 195% Y/Y, dry van orders up 409% Y/Y, and cancellations easing to 1.8% of the prior month’s backlog. Backlog also strengthened meaningfully, rising 41% Y/Y to 85,818 units, including a 48% gain in dry vans and an 82% increase in reefers, which supports better visibility for future production and revenue. Although production remains uneven, the sustained improvement in shipments, backlog, and customer order activity suggests the trailer market is turning, creating a foundation for gradual financial improvement and stronger earnings momentum.

Bear case

Wabash National is pressured by a weak near-term earnings profile, with 2026 expected to be a year of low-to-no earnings, while debt maturities in late 2027 and October 2028 raise refinancing and liquidity risk if cash flow does not recover in time. The recent $150M convertible debt raise only bridges near-term working-capital needs, and any further access to the debt or equity markets could bring stricter covenants, higher interest costs, or dilution. Operating fundamentals also look fragile: July trailer production fell 2% year over year, with dry vans down 4% and reefers down 10%, while macro softness, supply-chain pressure, and intense competition could keep margins and demand under strain.

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