BofA lowered the firm’s price target on ArcBest to $108 from $110 and keeps an Underperform rating on the shares. The firm lowered its Q3 trucking-related EPS targets 6% on average within its coverage of truckload, less-than-truckload, truck brokerage, and airfreight carriers given subdued demand and pricing softness. The firm sees downside to earnings expectations as it sees pronounced rate/demand weakness across truckload/truck brokerage carriers, as well negative earnings pressure from the sequential rise in fuel prices, the analyst added in transportation sector preview note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ARCB:
- ArcBest price target lowered to $132 from $134 at Stifel
- ArcBest initiated with a Neutral at UBS
- ArcBest price target lowered to $110 from $123 at BofA
- Fly Insider: Applied Optoelectronics, Nucor among week’s notable insider trades
- XPeng upgraded, Napco downgraded: Wall Street’s top analyst calls
Questions or Comments about the article? Write to editor@tipranks.com