5 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts

03. Forward Air Corporation (NASDAQ:FWRD)

Price Reaction after the Upgrade: +2.88 (+4.06%)

On August 29, Forward Air Corporation (NASDAQ:FWRD) underwent a noteworthy shift in its assessment under the guidance of Jefferies analyst Stephanie Moore. Moore has upgraded the company’s rating from Hold to Buy, while concurrently revising the price target from $110 to $85. Despite the reduced price target, this transformation indicates a more optimistic outlook on Forward Air Corporation (NASDAQ:FWRD) growth potential and overall performance in the market. Currently trading at $73.77, the stock has experienced a notable uptick of 4.1%. Jefferies Financial Group’s updated evaluation signals their evolving perspective on Forward Air Corporation (NASDAQ:FWRD).

Vulcan Value Partners made the following comment about Forward Air Corporation (NASDAQ:FWRD) in its Q4 2022 investor letter:

“Forward Air Corporation (NASDAQ:FWRD) is a less-than-truckload (LTL) carrier focusing on the niche expedited freight market. It has an asset-light business model. Forward Air’s network is built for speed and reliability as opposed to bulk LTL competitors whose networks are built for asset utilization. Forward Air offers a premium delivery service to customers with higher value freight to whom reliability and minimal transport damage are more important than the lowest cost delivery option. We believe the company can generate strong free cash flow and grow its free cash flow coupon at a mid-single digit rate. We have owned Forward Air before and are pleased to have the opportunity to do so again.”