UPDATE: Bank of America Reduces PO to $35 on Forward Air on Macro Weakness

Bank of America reiterated its Underperform rating on Forward Air

and reduced its price objective from $37 to $35. Bank of America noted, "We are decreasing our 3Q12, 2012, and 2013 EPS estimates 15%, 7%, and 5%, to $0.41, $1.77, and $2.10, from $0.49, $1.90, and $2.20, respectively, as Forward Air noted that macroeconomic trends have negatively affected business trends, led by a muted peak shipping season, particularly in its airport-to-airport linehaul business, as volumes turned negative year-over-year this week. … We are lowering our price objective to $35 (from $37), as we hold our prior 17x target multiple on our revised 2013 EPS estimate." Forward Air Corp closed at $34.81 on Monday.