Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessBaird Raises Forward Air Price Target, Maintains Neutral Rating

Baird Raises Forward Air Price Target, Maintains Neutral Rating

Add to Favorite
Added to Favorite


Baird analysts increased their price target for Forward Air (NASDAQ:FWRD) to $17 from $14 while maintaining a Neutral rating on the stock.
The analysts noted that Forward Air remains a complex situation as the new management team, led by CEO Shawn Stewart and interim CFO Jamie Pierson, works to define the company’s strategy following the Omni acquisition and de-leverage its balance sheet. Despite ongoing operating losses expected over the next few quarters, the company should benefit from recent improvements in global air and ocean freight rates, which could help reduce cash burn.
Reports indicate Forward Air has recently implemented headcount reductions in sales and technology functions to enhance profitability. While transparency in leverage calculations is expected to improve, it appears the company will remain compliant with covenants following adjustments and a Q1 adjusted EBITDA restatement.
Although the company’s shares have rebounded from lows and new management has stabilized the situation, clarity on long-term earnings potential is expected to take more time. Forward Air is anticipated to provide full-year 2024 guidance alongside Q2 reporting, and Q1 results were impacted by one-time costs, some of which will persist in Q2.
Management’s focus remains on improving profitability and capturing synergies, with cost synergies now expected to total $73.5 million, slightly down from the initial $75 million projection due to less volume-driven leverage and lower technology-related savings, offset by greater savings from facilities consolidation and SG&A. Forward Air recognized approximately $7.5 million of synergies in Q1, and major operational synergies, including linehaul and facility consolidation and PUD insourcing, are either underway or complete. Encouragingly, April performance saw shipments per day increase by about 4% year-over-year, and revenue per shipment ex-fuel rose by 2% year-over-year for the LTL business, with consolidated revenue increasing 6% month-over-month, compared to normal seasonal contraction.

Subscribe to get Latest News Updates

Latest News

You may like more
more

Comcast Maintained at Buy by Loop Capital Despite Media Revenue Miss

Loop Capital analysts reaffirmed a Buy rating for Comcast...

Rosenblatt Analyst Increases Calix Price Target to $45 After Q2 Earnings Report

Rosenblatt analysts increased the price target for Calix (NYSE:CALX)...

AT&T Matches Q2 EPS Estimates Despite Slight Revenue Miss, Shares Climb Over 3 percent

AT&T (NYSE:T) released its second-quarter earnings report, meeting analyst...

Vertiv Holdings Exceeds Q2 Expectations, Raises Full-Year Outlook

Vertiv Holdings Co. (NYSE:VRT) delivered a strong second-quarter performance,...