Forward Air upgraded to Buy from Hold at Jefferies

Jefferies upgraded Forward Air to Buy from Hold with a price target of $85, down from $110. The significant negative share price reaction post the announcement of the Omni Logistics merger “is excessive,” the analyst tells investors in a research note. The firm thinks Forward Air shares are “overly hated” and are getting little to no credit for its increased scale in the expedited less-than-truckload market. The market doesn’t like the deal “but enough is enough,” contends Jefferies. The firm says the future Forward Air will operate at a higher margin and with greater volume than would have otherwise been the case for a standalone Forward.