Market Overview

I think you’ll love what you hear,
what you’ll see and the opportunities
that will be set before you.
- Jon Najarian
GET TICKETS

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

Share:

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

DateFirmActionFromTo
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

 

Related Articles (ARCB)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
BIDUMaintains147.0
PINSMaintains23.0
GRUBInitiates Coverage On
HOTHInitiates Coverage On
NDRAInitiates Coverage On
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

S&P Capital Sees Good Upside Potential For Murphy Oil Corporation

Wells Fargo Securities Sees Potential Tailwinds Ahead For Nimble Storage Inc