Bear Stearns Upgrades Pacer

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FEBRUARY 14, 2005

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WORD ON THE STREET

Bear Stearns Upgrades Pacer
Analyst Edward Wolfe says his outlook of the freight transportation company improved on its strong pricing and volumes

Bear Stearns upgrades freight transportation company Pacer International (PACR ) to outperform from peer perform.

Analyst Edward Wolfe believes the timing is right for investors to purchase Pacer after a year of inconsistent wholesale and weak retail results. He notes Pacer was up 4% since last April, vs. a 7% gain in the S&P 500.

He says his outlook for the wholesale unit improved on the back of strong pricing and volumes. He does not believe a quick fix is needed in the retail business for the company to beat earnings expectations for the next several quarters. Any signs of life (not in his projections) in retail would add a considerable upside.

Wolfe expects strong free-cash-flow generation to continue de-leveraging its balance sheet. He sets a $30 target.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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