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UPDATE: Bank of America Reiterates on Arkansas Best on Raised EPS Estimates

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In a report published Thursday, Bank of America analyst Ken Hoexter reiterated a Buy rating on Arkansas Best (NASDAQ: ABFS), and raised the price target from $37.00 to $43.00.

In the report, Bank of America noted, “We are increasing our 4Q13, 2014 and 2015 EPS estimates 41%, 13%, and 14%, to $0.22, $2.25, and $2.80, from $0.16, $2.00, and $2.46, respectively, from SG&A and depreciation savings given its facilities closures. We also increase our price objective to $43 from $37, based on a 19x multiple (from 18.6x) our 2014 EPS estimate. While this is just above the top end of its 7x-18x one-standard deviation trading range over the past 16 years, the shares have traded in a full range of 5x-30x during peak- trough earnings. We associate current EPS as returning from trough, moving toward $3.67 in peak earnings, given its resolved union contract and the launch of its cost cutting program.”

Arkansas Best closed on Wednesday at $34.83.

Latest Ratings for ABFS

Jan 2014CitigroupMaintainsBuy
Dec 2013Deutsche BankMaintainsHold
Dec 2013JP MorganUpgradesUnderweightNeutral

View More Analyst Ratings for ABFS
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Posted-In: Bank of America Ken HoexterAnalyst Color Price Target Analyst Ratings


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