SA: Forward Air falls on Wolfe downgrade

M&A prospect Forward Air – Omni Logistics should ring a bell! – is the worst performer (-3.39%) today in our demo portfolio at midday (EST), hitting a multi-year low in the mid-$50s – in case you have missed Seeking Alpha‘s report out on Wednesday:

Shares of Forward Air (NASDAQ:FWRD) fell nearly 6% on Wednesday after Wolfe downgraded the logistics services firm to Underperform from Peer Perform.

Wolfe, which set a price target of $50, said Forward was the worst performing stock in the brokerage’s transport coverage last year with significant downward EPS revisions and the announced acquisition of Omni Logistics.

The company in August last year said it will merge with Ridgemont Equity Partners-owned Omni Logistics in a cash-and-stock transaction to expand its domestic footprint…

The full post is here.