WERN - Werner Enterprises Looking To Accelerate Growth As Rates Approach A Cyclical Peak

• Werner is seeing strong pricing in its trucking business, but rates are likely to top out in the first half of 2022 and correct lower in '22/'23.
• The company's Dedicated trucking business gives the company some downside protection during periods of weaker rates, and it remains a consistently profitable business.
• Management's target of 10% topline growth suggests meaningful fleet expansion, something that hasn't happened in a long, long time.
• Mid-to-high single-digit growth over the longer term can support a fair value above $50 today.

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