As previously reported, Wells Fargo downgraded ArcBest to Equal Weight from Overweight with a price target of $112, down from $122, on softer demand outlook and weaker incrementals. The firm has lowered its volume outlook for ArcBest in 2025 to reflect a more competitive LTL market, which has pushed its EPS estimates down by 8% and 6%, respectively, in 2025 and 2026 as Wells is modeling high incremental margins for the company given its new Teamster contract. The firm also tempered its second half of 2024 yield outlook.
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