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.
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Read More on ARCB:
- ArcBest Faces Revenue Decline Amid Market Challenges
- ArcBest price target raised to $127 from $110 at Citi
- ArcBest Announces Leadership Transition and Compensation Changes
- ArcBest price target lowered to $112 from $114 at TD Cowen
- ArcBest price target lowered to $170 from $175 at Morgan Stanley
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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