Stephens analyst Jack Atkins noted that Werner's Q3 EPS were down 11% year-over-year, but called this "a much better result" than many of the company's asset-based truckload peers, which he points to as evidence of the stability provided by the company's leverage to the Dedicated market. Demand and rate trends seem to have found a floor and are "very modestly" improving, said Atkins, though he is still expecting "a tough peak and a challenging start to FY20." However, capacity is exiting the market, which should help improve fundamentals in the second half of 2020, according to Atkins, who raised his price target on Werner shares to $44 from $41 and keeps an Overweight rating on the stock.