Legg Mason Equity Research Initiates Coverage of the Trucking


                         Industry; 
          Report Notes Potential for Powerful Earnings Opportunities 


  BALTIMORE, Feb. 22 /PRNewswire-FirstCall/ -- In the near future, the 
American trucking industry stands to experience a significant earnings 
upswing, according to Legg Mason Wood Walker, Inc. analyst John Larkin.  Mr. 
Larkin initiated coverage of the trucking industry yesterday.  
For the eight stocks included in the initial coverage universe, Mr. Larkin 
projects "modestly positive" average quarterly year-over-year earnings per 
share (EPS) comparisons for the first and second quarters of 2002.  In the 
third and fourth quarters of 2002, as well as the first quarter of 2003, he 
projects average year-over-year EPS growth of more than 40 percent.  
Three stocks -- Arkansas Best Corporation (Nasdaq: ABFS - $25.46), 
J.B. Hunt Transport Services, Inc. (Nasdaq: JBHT - $22.66) and 
Landstar System, Inc. (Nasdaq: LSTR - $78.97) -- are rated Strong Buy.  Mr. 
Larkin's target prices for the three stocks imply a minimum of 30 percent 
upside potential to current trading levels over the next 12 to 18 months.  
Mr. Larkin, who joined Legg Mason in October 2001 to begin his research, 
says several factors will contribute to the upswing, including the following:  


      -- the number of trucking company liquidations (more than 4,000 in 2001); 
    -- the large number of truck tractors traded to or repossessed by 
        manufacturers that have not re-entered the industry; 
    -- the discipline displayed by the large well-capitalized carriers in not 
        adding substantial amounts of new incremental equipment during the 
        economic slowdown; 
    -- the nationwide credit crunch; and 
    -- the insurance cost crisis. 


  Because trucking is a vital part of the American economy, Mr. Larkin 
notes, industry coverage also serves as something of a barometer of other 
vital sectors of the economy.  
"When measured in terms of revenues, the trucking industry comprises 
82 percent of the freight transportation industry in the United States," he 
says.  "As a result, it is the critical cog in the efficient functioning of 
the overall manufacturing and consumer sectors of our economy."  
In addition to the Strong Buy recommendations, Legg Mason's coverage also 
includes Forward Air Corporation (Nasdaq: FWRD - Buy - $27.09), 
Heartland Express (Nasdaq: HTLD - Market Performance - $22.05), 
Knight Transportation, Inc. (Nasdaq: KNGT - Market Performance - $22.06), 
Swift Transportation Company, Inc. (Nasdaq: SWFT - Buy - $21.29) and 
Werner Enterprises, Inc. (Nasdaq: WERN - Buy - $25.04).  
"At Legg Mason, we pride ourselves on producing strong, expert value-added 
research," says Legg Mason Senior Vice President and Director of Equity 
Research Ira H. Malis.  "The new industry coverage also gives Legg Mason a 
strong research position in this crucial industry.  We're very pleased John 
Larkin has joined us.  His insight into this sector will be a tremendous help 
to investors."  
  Pricing as of the close of 2/20/02  
Legg Mason Wood Walker, Inc. makes a market in the securities of Arkansas 
Best Corporation, Forward Air Corporation, Heartland Express, J.B. Hunt 
Transport Services, Inc., Knight Transportation, Inc., Landstar System, Inc., 
Swift Transportation Company, Inc. and Werner Enterprises, Inc.  
  J.B. Hunt Transport Services, Inc. is a Legg Mason Select List compelling 
idea.  


      Werner Enterprises, Inc. is a Legg Mason Select List core holding. 
      Additional information is available upon request 


  The information contained herein has been prepared from sources believed 
reliable but is not guaranteed by us and is not a complete summary or 
statement of all available data, nor is it considered to be an offer to buy or 
sell securities referred to herein.  Opinions expressed are subject to change 
without notice and do not take into account the particular investment 
objectives, financial situation or needs of individual investors.  No 
investments or services mentioned are available in the European Economic Area 
to "private customers" or to anyone in Canada other than a "Designated 
Institution."  From time to time, Legg Mason Wood Walker, Inc. and/or its 
employees involved in the preparation or the issuance of the communication may 
have positions in the securities or options of the recommended issuer.  
Legg Mason Wood Walker, Incorporated (member NYSE/SIPC) is the principal 
securities brokerage subsidiary of Legg Mason, Inc. (NYSE: LM), with 
approximately 1,400 Financial Advisors in over 140 offices, primarily in the 
eastern and southeastern U.S., and including affiliate institutional offices 
in San Francisco, Chicago, Dallas, London, Geneva and Madrid.  Legg Mason, 
Inc. is a financial services holding company that provides asset management, 
securities brokerage, investment banking and related financial services 
through its subsidiaries.  
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SOURCE  Legg Mason, Inc.  
-0-                             02/22/2002  
/CONTACT:  Melissa Delaney, Corporate Communications of Legg Mason, 
+1-410-454-4439/  
/Web site:  http://www.leggmason.com /  
(LM ABFS JBHT LSTR FWRD HTLD KNGT SWFT WERN)  
CO:  Legg Mason, Inc.; Arkansas Best Corporation; Forward Air Corporation;  


     Heartland Express; J.B. Hunt Transport Services, Inc.; Knight 
     Transportation, Inc.; Landstar System, Inc.; Swift Transportation 


 Company, Inc.; Werner Enterprises, Inc. 
ST:  Maryland 
IN:  FIN MFD TRN 
SU:  RTG ERP  
 
-0- Feb/22/2002 13:15 GMT
 
 
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