Preston boss Simon Grayson felt his side were extremely unlucky in losing the tie and Forest manager Davies agreed.
"I think the best team lost," he said.
"On the night we didn't show enough quality, we didn't compete as well as the home team and you've got to feel sorry for them because they deserved to win the match. End of.
"It was a typical cup tie night of football, the rain was pouring down, the wind was blowing, the pitch was soggy and they handled it better.
"Their attitude was excellent, their energy was good and the best team lost."
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