ArcBest price target raised to $112 from $110 at BofA

BofA raised the firm’s price target on ArcBest to $112 from $110 and keeps an Underperform rating on the shares. The firm raised its target despite lowering its Q2 EPS forecast 4% on average at truckload, less-than-truckload, and airfreight carriers in its coverage, citing the elongated freight recession impact on rates, inflationary costs, and margin pressures. The firm sees downside risk to earnings expectations and carriers’ 2024 outlooks, the analyst added in a preview for the trucking group.