Fly News Breaks for October 29, 2018
Oct 29, 2018 | 07:05 EDT
Stephens analyst Jack Atkins downgraded Forward Air to Equal Weight from Overweight, stating that this has "frustratingly" been the second straight freight cycle during which the company has been challenged with driver recruitment, limiting its operating leverage and keeping its results behind peers. While he expects the company's new CEO to bring a fresh perspective, Atkins lacks a clear vision of what the company plans to do in the near-term to reign in purchased transportation costs and reaccelerate tonnage growth, the analyst added. Atkins lowered his price target on Forward Air shares to $67 from $74.
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