ArcBest price target lowered to $132 from $134 at Stifel

Stifel analyst J. Bruce Chan lowered the firm’s price target on ArcBest to $132 from $134 and keeps a Buy rating on the shares. The firm believes inventory destocking bottomed around the middle of the year, but this does not signify volume growth has been robust, instead the LTL industry demand has been “tepid, at best,” the analyst tells investors. While capacity remains in check and pricing should be favorable next year, the firm is focused on names with self-help opportunity and/or deep valuation discounts due to the softness in fundamental demand, Stifel says.