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CSFB Revs Up Roadway Express to Buy

CS First Boston raised its investment rating of Roadway Express (ROAD) to buy from hold because the firm thinks Roadway's operating performance has improved and its stock has underperformed other trucking stocks by 30% since the beginning of Q4 2000.

Analyst Gary Yablon said the company's $1.34 Q4 EPS was stronger than expected considering the tough freight-shipping environment. He said the stock is trading at a P/E of nine, which, given Roadway's limited history as a public company, represents a very low multiple. Yablon believes the prospect of a recession is already priced into the stock.

He sees a 2001 EPS of $3.20 and has set an upper $20s 12-month price target on the stock.

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