BofA lowered the firm’s price target on ArcBest to $99 from $102 and keeps an Underperform rating on the shares after the company posted its mid-Q3 update. Quarter-to-date volumes are worse than the firm’s targets, yield growth is decelerating rapidly and the company expects a worse-than-seasonally normal operating ratio performance, notes the firm, which points out that ArcBest lowered its Q3 Asset-Based operating ratio to be flat to a 50 basis point deterioration from Q2, worse than its historical average of flat to a 100 point improvement from Q2-Q3. The firm has lowered its Q3, 2024 and 2025 EPS estimates 9%, 7% and 4%, to $1.98, $7.00 and $9.35, respectively.
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