UBS initiated coverage of ArcBest with a Neutral rating and $110 price target. The company has benefitted from the early August shut down of Yellow by rebalancing its freight mix with higher-yielding core less than truckload shipments, the analyst tells investors in a research note. However, truckload brokerage market conditions are more challenging and there is risk that operating losses in ArcBest’s Asset Light segment could persist in the first half of 2024, leading to a considerable cut to consensus earnings estimates, says the firm.
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