Forward Air price target lowered to $14 from $24 at Baird

Baird lowered the firm’s price target on Forward Air to $14 from $24 and keeps a Neutral rating on the shares. The firm said Q1 results were much weaker than expected in the first report since closing on the Omni acquisition. Seasonal revenue outperformance in April is encouraging, but visibility to improving profitability remains low, and there is little margin for error to remain compliant with covenants.