Forward Air Shares Plunge On Outlook, Downgrade

In a client note Tuesday, Raymond James analyst William H. Fisher cut the stock to "Underperform" from "Market Perform," calling the outlook "abysmal."

"While management noted it is targeting a return to profitability in "near term," the burden of proof on how profitable this business can be in a better economy is still lacking in our view," he said.

Shares of Greeneville, Tenn.-based Forward lost $1.82, or 11 percent, to reach $14.71 in afternoon trading, after earlier sinking to a new 12-month low of $13.48.