Just got this note from Schwab:

"11/04/09 11:09 am ET ... S&P REITERATES HOLD
OPINION ON SHARES OF PACER INTERNATIONAL
(PACR 3.7***): PACR announces a new
contract with Union Pacific (UNP 60.27, Hold)
that will raise the rates it pays UNP.We think
this alleviates uncertainty hanging over the
shares, but will raise operating expenses. UNP
believes up to $190M in annual revenues could
migrate from PACR directly to UNP as a result
of the new contract.We think the changes will
make forecasting EPS more difficult in the nearterm,
but believe the viability of PACR's model
has been enhanced.We raise our 12-month target
price to $5.00 from $3.50, 14X our '10 EPS
estimate, the middle of PACR's historical P/E
range. /J.Corridore"