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Raymond James Bumps Up Forward Air Price Target By ~4%

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  • Raymond James analyst Patrick Tyler Brown raised the price target for Forward Air Corp (NASDAQ: FWRD) to $140 (an upside of 33%) from $135 while maintaining the Strong Buy rating on the shares.

  • The analyst maintains the rating following a record Q2 and continued strength into Q3, driven by stellar pricing with tonnage holding firm.

  • Brown remains enamored by FWRD's actions to improve revenue quality by culling loose/over-sized/non-palletized freight for high-value/denser freight.

  • These actions, paired with benefits from momentum in the live-event vertical, could continue to drive positive earnings to drift opportunities in time, noted the analyst.

  • RelatedBenchmark Initiates Forward Air With Hold Rating

  • The company recently reported second-quarter revenue of $515.22 million, beating the consensus of $502.41 million, and adjusted EPS of $2.04, above the consensus of $1.75.

  • Regarding 3Q22 guidance, CFO Rebecca J. Garbrick said, "We expect our year-over-year revenue growth will be 20% to 24% and net income per diluted share to be between $1.88 to $1.92, compared to reported net income per diluted share of $1.12 and adjusted net income per diluted share of $1.14 in the third quarter of 2021."

  • Price Action: FWRD shares are trading higher by 3.22% at $105.43 on the last check Friday.

  • Photo Via Company

Latest Ratings for FWRD

Date

Firm

Action

From

To

Jan 2022

Wolfe Research

Downgrades

Outperform

Peer Perform

Jan 2022

Baird

Downgrades

Outperform

Neutral

Jan 2022

Stephens & Co.

Upgrades

Equal-Weight

Overweight

View More Analyst Ratings for FWRD

View the Latest Analyst Ratings

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