TD Cowen downgraded ArcBest to Hold from Buy with a price target of $114, down from $131. The firm says the company’s tonnage and pricing growth has come into question amid its recent industry channel checks. ArcBest has worked to shed transactional freight over the last year while industrial demand weakens, carriers lap the Yellow bankruptcy, and pricing trends decelerate, the analyst tells investors in a research note. ARCB is set to move less tonnage in 2024 than it did pre-COVID, and 2025 consensus estimates are likely to move lower from here, contends TD.
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Read More on ARCB:
- ArcBest’s U-Pack partners with Affirm to offer financing options
- ArcBest price target lowered to $130 from $140 at Jefferies
- ArcBest price target lowered to $125 from $133 at Goldman Sachs
- Wolfe Research sees ‘mixed bag’ across freight, no signs of broad recovery
- ArcBest downgraded to Peer Perform from Outperform at Wolfe Research
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