ArcBest price target raised to $67 from $58 at BofA

BofA analyst Ken Hoexter raised the firm’s price target on ArcBest (ARCB) to $67 from $58 and keeps an Underperform rating on the shares. After having hosted 98 companies and industry experts at BofA’s annual Industrial, Transportation, & Airlines Conference, the firm is increasing price targets on rails, less-than-truckload shippers, truckload shippers, and intermodal carriers an average of 9%, and making a 10% multiple increase on average, given the shift from a recession outlook to increased volume flow targets, at least until mid-Summer, the analyst tells investors.