Forward Air price target raised to $32 from $30 at Stifel

Stifel analyst J. Bruce Chan raised the firm’s price target on Forward Air (FWRD) to $32 from $30 and keeps a Buy rating on the shares. The firm’s base case expectation is for mid-to-high single digit percentage organic and regulatory-driven attrition in long-haul over-the-road supply this year and while it expects significantly less supply impact for Less-than-Truckload than it does in its Truckload group coverage, the firm believes tightening in truckload creates marginal demand spillover, as well as pricing support, the analyst tells investors in a Q4 earnings preview for the group.