ArcBest price target lowered to $78 from $86 at BofA

BofA lowered the firm’s price target on ArcBest (ARCB) to $78 from $86 and keeps a Neutral rating on the shares. ArcBest’s Q2 adjusted EPS was down 32% from a year ago, and CFO Matt Beasley noted that June tons per day moderated as ArcBest didn’t see a typical lift given the housing market and industrial softness, the analyst tells investors in a research note. The firm sees momentum in share gains with core customers mitigating core yield pressure.