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.
Latest Ratings for ABFS
|Dec 2013||Deutsche Bank||Maintains||Hold|
|Dec 2013||JP Morgan||Upgrades||Underweight||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.