UPDATE: Benchmark Starts Forward Air (FWRD) at Hold

July 19, 2022 4:04 PM EDT
Get Alerts FWRD Hot Sheet
Price: $111.73 +0.42%

Rating Summary:
    7 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 2 | Down: 23 | New: 24
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(Updated - July 19, 2022 4:06 PM EDT)

Benchmark analyst Chris Kuhn initiates coverage on Forward Air (NASDAQ: FWRD) with a Hold rating.

The analyst comments "We are initiating coverage of Forward Air Corporation (FWRD) with a Hold rating. FWRD offers several asset-light transportation services including Intermodal, but its expedited LTL business is the main growth driver. We believe both the LTL and Intermodal segments are in attractive, growing industries. FWRD has several revenue growth opportunities in 2022 which should drive margin expansion. It has also successfully improved its freight profile over the last several quarters focusing on only high value, palletized freight, making the network more efficient. The nearterm growth drivers should produce better than expected FY 2022 results. On July 18 th the company announced preliminary EPS guidance of $1.98-$2.12, 25% above the mid-point of original guidance. However, our Hold rating reflects caution about the sustainability of some growth and margin trends in 2023, especially since the stock has held up better from the peak than our other Buy-rated LTL names."

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 $90.33 yesterday.

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