Stifel upgraded Forward Air (FWRD) to Buy from Hold with a price target of $29, up from $21. The company’s new management team has mitigated customer attrition, laid out a “credible” go-forward strategy, and made significant progress on integrating Omni Logistics, the analyst tells investors in a research note. Stifel feels risk has abated for Forward Air, even if still elevated relative to the group, and that fundamental upside is sufficient to warrant an upgrade. An eventual cycle inflection would help drive multiple normalization toward less-than-truckload and non-asset-based peers, contends the firm. Further, recent developments suggest heightened potential for a takeout of Forward Air, which could be in the low-to-mid $30s per share, Stifel contends.
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