ArcBest price target raised to $119 from $110 at UBS

UBS analyst Thomas Wadewitz raised the firm’s price target on ArcBest to $119 from $110 and keeps a Neutral rating on the shares. ArcBest’s Q3 EPS was significantly consensus estimates, while LTL tonnage was in line with the firm’s estimate and revenue per cwt was better than modeled, the analyst tells investors in a research note. The firm anticipated the shut down of Yellow to benefit ArcBest as they replaced dynamically priced shipments with higher yielding, core LTL shipments, but UBS did not expect the mix shift to generate as much purchased transportation savings as ArcBest was able to capture.