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Benchmark Initiates Forward Air With Hold Rating

Benchmark analyst Christopher Kuhn initiated the coverage of Forward Air Corp (NASDAQ:FWRD) with a Hold rating. The analyst believes both the LTL and…
byAkanksha Bakshi
July 20, 2022
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  • Benchmark analyst Christopher Kuhn initiated the coverage of Forward Air Corp (NASDAQ:FWRD) with a Hold rating.
  • The analyst believes both the LTL and Intermodal segments are in attractive, growing industries. FWRD has several revenue growth opportunities in 2022, which should drive margin expansion.
  • Kuhn states that the company has successfully improved its freight profile over the last several quarters focusing on only high-value, palletized freight, making the network more efficient.
  • Related: Raymond James Cuts Forward Air Price Target By 7%
  • Kuhn believes the near-term growth drivers should produce better than expected FY22 results.
  • Recently the company announced preliminary EPS guidance of $1.98-$2.12, 25% above the mid-point of original guidance.
  • The analyst says that the Hold rating reflects caution about the sustainability of some growth and margin trends in 2023.
  • Price Action: FWRD shares are trading higher by 0.16% at $95.90 on the last check Wednesday.
 
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