UPDATE: Sterne Agee Downgrades Arkansas Best to Underperform on Weak EPS, Fiscal Cliff
Sterne Agee reduced its rating on Arkansas Best (NASDAQ: ABFS) from Neutral to Underperform and cut its price target from $11 to $8.
Sterne Agee commented, "While the shares of ABFS have been under pressure so far this year, in the wake of a weaker than expected EPS report, and increasing concerns over the looming fiscal cliff, we believe that ABFS shares could continue to struggle in the absence of a meaningful labor union pact, which we increasingly believe is likely to disappoint as well. In a true recession scenario, we believe these shares offer meaningful downside."
Arkansas Best closed at $8.13 on Wednesday.
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