Stifel analyst J. Bruce Chan reiterated a Buy rating and $31.00 price target on Forward Air (NASDAQ: FWRD)

The analyst commented, "News media reported today that Forward Air is nearing the conclusion of a 14-month strategic review by the board to explore opportunities to maximize shareholder value. Alternatives included an outright sale or take private of the entire company, which we contended made a lot of sense (see here) at a level near $30/share. Citing sources familiar with the matter, the article states that the review is now less likely to result in an outright sale. That news is likely a disappointment to shorter-term and special situation investors, but we perceive the conclusion of the process to be a net tailwind for the stock in any scenario, especially relative to current valuation."

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 $22.04 yesterday.