UPDATE: Stephens Reiterates on Arkansas Best Corporation After Teamsters Reject Strike Authorization
In a report published Wednesday, Stephens analyst Brad Delco reiterated an Overweight rating on Arkansas Best Corporation (NASDAQ: ABFS), and raised the price target from $30.00 to $36.00.
In the report, Stephens noted, “We reiterate our Overweight rating and are raising our target to $36 (was $30) following notification that the union employees covered by the Central Region Local Cartage supplement voted ‘overwhelmingly to reject a strike authorization.' While the next steps toward finalizing the national agreement will be determined shortly, we think this eliminates a significant hurdle to completing the negotiating process. Once complete, we believe ABFS will be in a better position to compete with its non-unionized peers and will return the Company to a path of sustainable profitability.”
Arkansas Best Corporation closed on Tuesday at $27.60.
Latest Ratings for ABFS
|Dec 2013||Deutsche Bank||Maintains||Hold|
|Dec 2013||JP Morgan||Upgrades||Underweight||Neutral|
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