BofA upgraded ArcBest (ARCB) to Neutral from Underperform with a price target of $74, up from $63. The firm sees momentum in the company’s share gains with core customers mitigating core yield pressure. Following a call with ArcBest CFO Matt Beasley, BofA is more constructive on the additive gains it is making in its core less-than-truckload operations. Beasley noted Q2 tons per day outperformed ArcBest’s seasonal trends, led by broad-based gains in its core less-than-truckload business with new and existing customers, the analyst tells investors in a research note.
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