Focus List - Price 14.70 on April 21
by McAdams Ragen Wright

Maintaining 30 target. Forward Air reported adjusted 1Q earnings of 4 cents a share, versus 35 cents a year ago. Revenues declined 10.5%, to $96.6 million. The company experienced a 22% drop in tonnage, plus aggressive pricing competition ... there are no immediate signs of improvement. The 2Q [EPS] outlook is between 6 cents and 12 cents...[which is] below consensus. FWRD's balance sheet is strengthening and the company remains free-cash-flow positive. We're lowering our '09 earnings estimate from $1.05 to 50 cents. Our '10 estimate is $1....An economic upturn [is needed for ]shares to achieve a sustainable advance. At less than 1 times revenues and 9.4 times established peak earnings, we feel that investors can add FWRD to accounts. Market cap: $427 million.

From a recent Mad Money show: "Oh boy. I'm recommending United Parcel Service (UPS) and that's it. Anything else is too dicey, I want you to sell, sell, sell."

From a recent Mad Money show: "Oh boy. I'm recommending United Parcel Service (UPS) and that's it. Anything else is too dicey, I want you to sell, sell, sell."

PE of 21 and a PEG of 1.65

Forward Air (FWRD) was downgraded to Underperform, Bear Stearns said. Stock is up 18% over the past 6 weeks, and is already pricing in the closing of a top competitor. $28 price target.

BUY

Upgraded by Bear Stearns from Underperform to Peer Perform

Transportation

Downgraded by AG Edwards from Buy to Hold

Downgraded by Bear Stearns from Peer Perform to Underperform