UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on Arkansas Best Corporation

In a report published Friday, Citigroup reiterated its Neutral rating on Arkansas Best Corporation

, but lowered its price target from $16.00 to $10.00. Citigroup noted, “We believe the risk/reward balance for Arkansas Best has shifted more negatively given softness in the general freight market, coupled with high fixed costs and the absence of an identifiable company-specific catalyst. Arkansas Best remains challenged by slow truck volume growth, which could remain pressured as this year's peak season appears likely to start slowly, as evidenced by our recent channel checks. Moreover, its higher cost structure and focus on yield/profitability continue to lead to share losses, further pressuring operating leverage and margins.” Arkansas Best Corporation closed on Thursday at $8.95.