Forward Air price target raised to $138 from $120 at Susquehanna

Susquehanna analyst Bascome Majors raised the firm’s price target on Forward Air to $138 from $120 and keeps a Positive rating on the shares ahead of the Q1 results. The analyst remains cautious on trucking fundamentals into Q2 but says cyclical expectations for transports are now "more realistic." The firm expects less optimistic messaging from managements compared to last quarter, but does not expect "capitulating guidance cuts" until the summer. It remains below consensus on 2023 estimates and is "selectively constructive on deeper value names."