Forward Air price target lowered to $21 from $22 at Stifel

Stifel lowered the firm’s price target on Forward Air (FWRD) to $21 from $22 and keeps a Hold rating on the shares. With “some swagger in its step,” management announced a plan to double revenue to $5B in five years, implying a 15% compound annual growth rate, but that assumes normalization in the market and “there’s plenty of wood to chop in the near term,” the analyst tells investors.