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Why is Forward Air Corp. (FWRD) Stock down?
Forward Air Corp. (FWRD) stock dropped by 8.77% due to being downgraded by Wolfe Research from a Peer perform to an Underperform rating. The research note also included a price target of $50.00, indicating a potential downside of 21.11% from the stock's previous close. Other equities research analysts have also weighed in on Forward Air's stock. Stifel Nicolaus reduced their price target to $86.00, while StockNews.com initiated coverage with a Hold rating. Susquehanna lowered their target price from $84.00 to $75.00, giving a positive rating. The overall consensus rating for Forward Air is currently Hold, with a consensus price target of $90.29. The downgrade by Wolfe Research has contributed to investor concerns and the recent stock decline. Investors should closely monitor further developments and analyst sentiment regarding Forward Air as they consider their investment decisions.
Forward Air Corporation Stock (FWRD) dropped by 9.26% from $70.98 to $64.41 in the trading on Tuesday October 31, 2023. The reason why FWRD stock down today include:
- Missed Q3 financial results: Forward Air reported Q3 adjusted EPS of $0.99. On the revenue line, the company reported $413.4 million, missing estimates by $6.1 million. In the same quarter a year ago, the company earned $1.93 per share on revenue of $510 million. It is due to the miss on soft demand for its noncore intermodal and truckload brokerage services.
- Lawsuit by Omni Logistics: Omni Logistics has filed a complaint in the Delaware Court of Chancery against Forward Air regarding the companies' previously announced transaction between Omni and Forward Air dated August 10, 2023, requiring Forward Air to comply with its obligations to complete the transaction.
Forward Air (FWRD) fell by 7.91% as it was downgraded by analysts. On Friday, three Wall Street firms downgraded the stock due to risks tied to its $3.2 billion Omni Logistics acquisition. Stifel shifted to Hold, Wolfe Research to Underperform, and Raymond James lowered its rating. Today, Baird downgraded its rating from Outperform to Neutral.
Shares of Forward Air Corp (FWRD) are down over 25.35% following analyst downgrades prompted by the announced merger with Omni Logistics, LLC. Raymond James shifted to Market Perform due to concerns about potential risks and lack of earnings accretion, Wolfe Research downgraded to Underperform, and Stifel lowered its rating to Hold with a reduced price target of $103 from $127.
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