Davies said: "We have a 'we' mentality at this football club - not 'me' - and the group of players we have here all deserve credit for the job they are doing.
"It's been necessary to rotate to keep players as fresh as possible over the holiday period but the players who have come in have done wonderfully well and those who have come off the bench have also been impressive.
"We saw two great finishes today but at the other end we kept another clean sheet by turning in a top-class defensive display and these are the kind of things we are doing week in, week out.
"We know we have got an excellent run going here but the players are fully aware that we are only as good as the last performance and our focus now goes to the next game against Birmingham City in the FA Cup."
Coventry made Forest work hard for the three points, particularly in the first half when they kept Forest at bay until the 41st minute.
Then Forest broke incisively and Polish star Radoslaw Majewski fed a neat ball into the feet of Earnshaw, who clipped a delightful effort past Sky Blues keeper Keiren Westwood.
Forest increased the tempo in the second half but again they had to wait patiently for another breakthrough that arrived 10 minutes from time.
Substitute Dele Adebola won possession in the Forest area and Blackstock took the ball off his toes to thump a glorious drive beyond a helpless Westwood.
Coventry boss Chris Coleman was happy with the performance of his players, who saw their run of three successive victories come to an end.
He said: "We have played one of the best and strongest teams in the Championship today and we have made them work very hard for their victory.
"But when you have two games in quick succession and the second one is away to Forest, I don't think it comes much harder than that.
"We didn't have the luxury of freshening things up and I think fatigue played a part in us conceding the first goal.
"The second was a fantastic strike and killed us off but until that stage we were very much in the game and capable of getting something from it.
"At the end of the day I think we have given a good account of ourselves and I am more than happy with the performance of the players."