ArcBest price target lowered to $73 from $100 at BofA

BofA lowered the firm’s price target on ArcBest (ARCB) to $73 from $100 and keeps an Underperform rating on the shares. ArcBest posted its mid-Q1 update, which featured quarter-to-date volumes slightly better, yet yields below the firm’s forecast, the analyst tells investors. The firm lowered its target multiple given market multiple resets on extended freight recession concerns, adding that it views ArcBest’s shift back to low margin transactional freight as an “overhang” and sees relative share gains at peers. The firm also lowered its Q1 and FY25 EPS estimates 7% and 4% to 61c and $6.70, respectively.