TD Cowen downgraded ArcBest to Hold from Buy with a price target of $114, down from $131. The firm says the company’s tonnage and pricing growth has come into question amid its recent industry channel checks. ArcBest has worked to shed transactional freight over the last year while industrial demand weakens, carriers lap the Yellow bankruptcy, and pricing trends decelerate, the analyst tells investors in a research note. ARCB is set to move less tonnage in 2024 than it did pre-COVID, and 2025 consensus estimates are likely to move lower from here, contends TD.
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