Forward Air price target lowered to $115 from $128 at Raymond James

Raymond James analyst Patrick Tyler Brown lowered the firm’s price target on Forward Air to $115 from $128 and keeps a Strong Buy rating on the shares. Forward Air reported a "disappointing" Q1 and lowered guidance, but productivity and cost initiatives should help stymie economic headwinds in 2023 and set the stage for an improved 2024, the analyst tells investors in a research note.