Forward Air upgraded to Outperform from Neutral at Baird

Baird analyst Garrett Holland upgraded Forward Air (FWRD) to Outperform from Neutral with a price target of $130, up from $106. Growing risk of a Yellow (YELL) failure and the related industry capacity shock should help counter cyclical headwinds for the transports and bolster pricing/volume until freight markets fully recover, the analyst tells investors in a research note. The firm says Forward Air shares have lagged year-to-date and screens as an “underappreciated beneficiary” of an less-than-truckload industry dislocation.