Fulcrum Global upgraded CNF (CNF

) to buy from neutral.

Analyst Jeffrey Kauffman cites the 20% pullback in shares over the past month, and the announcement that the company would be searching for a new CEO. He says President and CEO Gregory L. Quesnel's resignation wasn't unexpected, although he was a bit surprised by the timing.

Kauffman thinks a change in leadership for the supply-chain and transportation company is in the best interest for shareholders. He says while it may take few months to get a new CEO, internal candidates are likely to push harder for results, which could lead to an earnings surprise. He sees $2.25 2004 earnings per share, and $2.75 2005 earnings per Fulcrum Global upgraded CNF (CNF

) to buy from neutral.share. Kauffman raised the $38 price target to $40.