UBS analyst Thomas Wadewitz lowered the firm’s price target on ArcBest to $126 from $150 and keeps a Neutral rating on the shares. ArcBest’s monthly progression of shipments showed a weaker trend with shipments per day day down about 4% year over year in both February and March and falling to down 7% y/y in April, the analyst tells investors in a research note. Weight per shipment also showed a softening trend of down 10% y/y in February, down 14% in March and down 16% y/y in April, UBS says, adding that in addition to the overall weakening in tons per day, it appears core LTL shipments have also softened.
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