UPDATE: KeyBanc Downgrades Arkansas Best; Removes PT

According to a research report published this morning, KeyBanc has downgraded Arkansas Best's

from Buy to Hold, and removed its $25 PT. KeyBanc said in the report, "We are downgrading Arkansas Best Corporation (ABFS-NASDAQ) to HOLD from BUY as 1Q12 results (loss of $0.71 vs. our estimated loss of $0.20, consensus loss of $0.18) were significantly weaker than expected. Reported results include several unusual items that could be viewed as non-recurring (workers compensation, personnel investment, tax impact of operating loss), but also relate to operational and strategic decisions. In our view, pricing actions in 2011 have allowed the Company to restore yields to pre-recession levels; however, we underestimated the corresponding impact on tonnage, network utilization, margins and earnings." Arkansas Best is currently trading at $17.38.