ArcBest price target raised to $136 from $132 at Stifel

Stifel raised the firm’s price target on ArcBest to $136 from $132 and keeps a Buy rating on the shares after the company reported “exceptionally-strong” Q3 adjusted EPS. The firm had identified ArcBest as one of its top picks in the coverage universe, but was a bit concerned by nearer term earnings drag from the asset light business heading into the quarter. However, if ArcBest can manage costs incrementally better and continue to offset performance with asset-based until an upcycle, the “drag is manageable,” the analyst tells investors.