Forward Air downgraded to Hold from Buy at Jefferies

Jefferies analyst Stephanie Moore downgraded Forward Air to Hold from Buy with a price target of $110, down from $120. : While she continues to view Forward as "uniquely positioned in 2023" based on its focus on premium and time-sensitive freight, she does not see material upside to estimates nor sentiment as it relates to a freight recovery against the weak macro outlook, Moore tells investors. Following the company’s quarter-to-date update in December, she does not see the tonnage softness as temporary and would expect continued weight per shipment softness for several quarters, Moore added.