ArcBest downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded ArcBest (ARCB) to Equal Weight from Overweight with a price target of $72, down from $99. While the firm believes Q4 guidance has temporary headwinds embedded, its also thinks the recovery to LTL volumes and mix could be longer to play out than the firm had originally expected. While it continues to like the long-term story, the near term valuation “seems full” and the firm is awaiting signs of a more meaningful volume recovery within LTL before becoming more positive, the analyst tells investors.