- Raymond James analyst Patrick Tyler Brown raised the price target for Forward Air Corp (NASDAQ:FWRD) to $140 (an upside of 33%) from $135 while maintaining the Strong Buy rating on the shares.
- The analyst maintains the rating following a record Q2 and continued strength into Q3, driven by stellar pricing with tonnage holding firm.
- Brown remains enamored by FWRD’s actions to improve revenue quality by culling loose/over-sized/non-palletized freight for high-value/denser freight.
- These actions, paired with benefits from momentum in the live-event vertical, could continue to drive positive earnings to drift opportunities in time, noted the analyst.
- Related: Benchmark Initiates Forward Air With Hold Rating
- The company recently reported second-quarter revenue of $515.22 million, beating the consensus of $502.41 million, and adjusted EPS of $2.04, above the consensus of $1.75.
- Regarding 3Q22 guidance, CFO Rebecca J. Garbrick said, “We expect our year-over-year revenue growth will be 20% to 24% and net income per diluted share to be between $1.88 to $1.92, compared to reported net income per diluted share of $1.12 and adjusted net income per diluted share of $1.14 in the third quarter of 2021.”
- Price Action: FWRD shares are trading higher by 3.22% at $105.43 on the last check Friday.
- Photo Via Company
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