ArcBest initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of ArcBest with an Overweight rating and $140 price target. The firm is constructive on the value the shares. The company participates in favorable less-than-truckload fundamentals and, while unionized, its earnings growth “can be robust,” the analyst tells investors in a research note. At a steep discount to peers, the shares are attractive, says Wells.