BofA lowered the firm’s price target on ArcBest (ARCB) to $110 from $123 and keeps an Underperform rating on the shares after ArcBest reported last week that its Asset-Based LTL revenue per day was down 2% year-year in August, while also noting Asset Light results will reflect a softening market and mix changes. While positive on ArcBest’s shift to decrease spot exposure as it grows share post Yellow’s (YELL) shutdown, it is impacted by rising costs, the analyst tells investors.
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