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CS First Boston Cuts Swift Transport Rating

CS First Boston lowered its investment rating on national truckload carrier Swift Transport (SWFT) to buy from strong buy.

Analyst Gary Yablon says there is no longer significant difference in embedded growth and returns estimates and his estimates. He also said he believes execution risk of (MSCA) integration has ticked up slightly. The company cut its third quarter earnings per share estimate of $0.19 to $0.13-$0.16 on 10/2.

Yablon cuts $0.22 EPS estimate to $0.15 and cuts 2002 EPS estimate 15% to $0.85 based on uncertainties regarding US economy, more conservative view on company's 2002 operations goals. He thinks positive factors for SWFT going forward are already priced into stock, but continues to believe stock could trade up to the low $20s.

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