Forward Air price target raised to $36 from $31 at Stifel

Stifel analyst J. Bruce Chan raised the firm’s price target on Forward Air (FWRD) to $36 from $31 and keeps a Hold rating on the shares. Less-than-truckload, or LTL, stock valuations have risen back to near historical peaks despite the ongoing freight trough, more challenging volume comps and little momentum from Q3 intra-quarter trends, notes the analyst, who believes the uptick over the past month has been driven by interest rate cuts as a potential catalyst for industrial demand in the first half of 2025, the analyst tells investors in a LTL group preview note. Downside demand risk exists, but the firm’s base case sees a gradual recovery through 2025, the analyst added.