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UPDATE: Bank Of America Downgrades ArcBest Corp As New Hire Costs Pause Upside


In a report published Monday, Bank of America analyst Ken Hoexter downgraded the rating on ArcBest Corp (NASDAQ: ARCB) from Buy to Neutral, and lowered the price target from $42.00 to $39.00.

In the report, Bank of America noted, “We are lowering our rating on ARCB's shares to Neutral from Buy given rising costs at ABF Freight, its LTL carrier. We lower our 3Q14, 2014, and 2015 EPS estimates 3%, 4%, and 5%, to $0.70, $1.70, and $2.30, from $0.73, $1.75, and $2.40, respectively. Our price objective falls to $39 from $42, based on a 17x EPS multiple (from 17.5x), near the upper end of its historical 7x-18x range, but below its recent upper teen to low 20's levels given that the company's ability to rapidly grow EPS may be slowing.”

ArcBest Corp closed on Friday at $35.62.

Latest Ratings for ARCB

May 2019MaintainsNeutralNeutral
Apr 2019MaintainsNeutralNeutral
Apr 2019MaintainsNeutralNeutral

View More Analyst Ratings for ARCB
View the Latest Analyst Ratings

Posted-In: Bank of America Ken HoexterAnalyst Color Downgrades Analyst Ratings


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