Benchmark Reiterates Hold Rating on Forward Air (FWRD) Shares Following Over 40% Selloff

Benchmark analyst Christopher Kuhn reiterated a Hold rating on Forward Air (NASDAQ: FWRD).

The analyst commented, "Forward Air shares traded sharply lower (>40%) last week following a combination of strategic updates and the disclosure of a meaningful customer headwind. While we believe the magnitude of the sell-off was overdone, we are maintaining our Hold rating given the uncertainty surrounding the EBITDA impact from the potential revenue loss and the limited visibility on a near-term operational inflection. At current levels, we see more attractive risk/reward, with roughly $27/share of upside if Expedited Freight margins normalize; however, clarity around the customer transition and a better volume environment is needed to help unlock that value. Operationally, volumes improved modestly in the final weeks of the quarter and into April; however, management did not outline a clear plan to drive a step-change in performance beyond a cyclical demand recovery. In our view, the lack of a defined self-help roadmap tempers confidence in the earnings trajectory."

For an analyst ratings summary and ratings history on Forward Air click here. For more ratings news on Forward Air click here.

Shares of Forward Air closed at $9.19 yesterday.

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