Wachovia Downgrades Arkansas Best (ABFS) to Underperform
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Wachovia downgrades Arkansas Best (NASDAQ: ABFS) from Market Perform to Underperform with a $28 to $31 valuation range.
The firm said, "We are downgrading ABFS to Underperform, down from Market Perform, as we believe a more competitive pricing environment, inflationary costs associated with the new Teamster contract, renewed expansion of the Regional Performance Model (RPM), and rising fuel costs will likely constrain near-term performance. Although we believe management has done a solid job at controlling costs, managing its network, and expanding its service offerings (RPM), we believe shares have gotten ahead of themselves."
Arkansas Best Corporation, through its subsidiaries, provides less-than-truckload motor carrier transportation services in the United States.
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