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."

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Shares of Forward Air closed at $9.19 yesterday.