BofA raised the firm’s price target on ArcBest (ARCB) to $84 from $72 and keeps a Neutral rating on the shares. The company’s recent mid-Q4 update suggested Q4-to-date asset-based trends remained sub-seasonal following muted October results, the analyst tells investors in a research note. ArcBest benefitted from some heavier, seasonal project work in November on heavier 6K-8K lbs Truckload shipments, but it still has yet to see broader tightening in the Truckload market despite recent spot rate uplift and increasing tender rejections, the firm added.
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Read More on ARCB:
- ArcBest: Near-Term Margin Pressures and Limited Upside Keep Rating at Hold Despite Longer-Term Recovery Potential
- ArcBest price target raised to $85 from $73 at Stifel
- ArcBest price target lowered to $72 from $73 at BofA
- ArcBest’s Mixed Performance and Neutral Rating Amid Market Challenges
- ArcBest price target lowered to $83 from $87 at Citi