UPDATE: Bank of America Downgrades Arkansas Best; Lowers PO
According to a research report published this morning, Bank of America has downgraded Arkansas Best (NASDAQ: ABFS) from Neutral to Underperform, and lowered PO from $20 to $16.
In the report, Bank of America said, "While we recognize a downgrade after news is less than ideal, ABF's freight decline was well beyond targets, pricing did not meet our targets, and its move to continue spending on investments has us concerned about the pace of its rebound. It noted volumes are running down a further 9% per day in April-to-date after falling 11% in 1Q, well beyond our prior target."
Arkansas Best closed Friday at $16.26.
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