BofA lowered the firm’s price target on ArcBest to $108 from $110 and keeps an Underperform rating on the shares. The firm lowered its Q3 trucking-related EPS targets 6% on average within its coverage of truckload, less-than-truckload, truck brokerage, and airfreight carriers given subdued demand and pricing softness. The firm sees downside to earnings expectations as it sees pronounced rate/demand weakness across truckload/truck brokerage carriers, as well negative earnings pressure from the sequential rise in fuel prices, the analyst added in transportation sector preview note.
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