ArcBest price target lowered to $118 from $127 at Citi

Citi analyst Ariel Rosa lowered the firm’s price target on ArcBest (ARCB) to $118 from $127 and keeps a Neutral rating on the shares. ArcBest reported its mid-quarter update this morning and November results showed improvement from October, “as expected,” with tonnage per day down 6% year-over-year last month, improving from October’s 8.7% decline, the analyst tells investors. Following the update, the firm lowered its Q4 adjusted EPS estimate to $1.20 from $1.29 to reflect softer demand.