ArcBest price target lowered to $72 from $73 at TD Cowen

TD Cowen analyst Jason Seidl lowered the firm’s price target on ArcBest (ARCB) to $72 from $73 and keeps a Hold rating on the shares. The firm said Q2 came in below their forecast and consensus expectations. Volume outperformance was helped by transactional freight which weighed on pricing with trends that appeared to decelerate in Q2. July trends showing strength and comps will ease through 3Q though asset-based margin guide showing minimal leverage off volumes, while 2H estimates move lower.