Stifel analyst J. Bruce Chan raised the firm’s price target on Forward Air (FWRD) to $36 from $31 and keeps a Hold rating on the shares. Less-than-truckload, or LTL, stock valuations have risen back to near historical peaks despite the ongoing freight trough, more challenging volume comps and little momentum from Q3 intra-quarter trends, notes the analyst, who believes the uptick over the past month has been driven by interest rate cuts as a potential catalyst for industrial demand in the first half of 2025, the analyst tells investors in a LTL group preview note. Downside demand risk exists, but the firm’s base case sees a gradual recovery through 2025, the analyst added.
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Read More on FWRD:
- Forward Air (FWRD) Q3 Earnings Cheat Sheet
- Forward Air hires bankers to lead formal sales process, FreightWaves reports
- Forward Air call volume above normal and directionally bullish
- Wolfe Research sees ‘mixed bag’ across freight, no signs of broad recovery
- Forward Air board ‘actively analyzing the business and strategy’
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