UPDATE: J.P. Morgan Lowers Arkansas Best's PT

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According to a research report published this morning, J.P. Morgan has decreased Arkansas Best's (NASDAQ: ABFS) PT from $21 to $15.In the report, J.P. Morgan said, "ABFS reported a surprisingly large 1Q12 loss of -$0.71/share versus our estimate of a loss of -$0.22/share and Consensus of -$0.18/share. While pricing was up significantly y/y, ABFS could not adequately adjust its cost structure to offset a 10.6% y/y decline in tonnage. We expect a seasonal improvement in ABFS's OR performance in 2Q and the headwind from unusually high workers comp expense in 1Q is also unlikely to persist in 2Q. Nevertheless, visibility to EPS performance and to a positive catalyst for the stock remains very limited."J.P. Morgan maintains its Neutral rating on Arkansas Best, which is currently trading at $15.31.

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