ArcBest price target lowered to $105 from $111 at BofA

BofA lowered the firm’s price target on ArcBest (ARCB) to $105 from $111 and keeps an Underperform rating on the shares. ArcBest posted its mid-Q4 update, with quarter-to-date asset-based volumes and yields worse than the firm’s targets, according to BofA. The company noted the November/October moderation was impacted by “strong” October 2023 performance following a cyberattack at its competitor, and November volumes remained “strained” by continued weak industrial production and some higher-weight less-than-truckload shipment shifts to the truckload market, BofA told investors in a research note.