ArcBest price target raised to $118 from $110 at Citi

Citi analyst Christian Wetherbee raised the firm’s price target on ArcBest to $118 from $110 and keeps a Buy rating on the shares. The analyst updated trucking estimates ahead of Q2 earnings. Estimates are falling for much of Citi’s truck and logistics coverage, as truck pricing remains at a bottom and seasonality disappointed in early Q2, the analyst tells investors in a research note. While June activity improved modestly, full year estimates move lower on softer Q2 estimates and muted near-term expectations, says the firm. With the freight cycle near the bottom, Citi is “closing in on early-cycle.” It believes the end of estimate cuts is near and sees potential for modestly better trends in the second half of 2023.