Wells Fargo Downgrades Arkansas Best (ABFS) to Underperform; Cutting Numbers on Poor Earnings Performance
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Price: $39.42 --0%
Rating Summary:
2 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
2 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Wells Fargo downgraded Arkansas Best (NASDAQ: ABFS) from Market Perform to Underperform, price target range cut from $18-21 to $14-16.
Analyst, Anthony P. Gallo, said, "ABFS reported results that were well below expectation even after adjusting for several "one-time" factors. We lower our 2012 EPS forecast to a loss of $0.08 from $0.96 and for 2013E we lower to $0.53 from $1.48...While we think book value somewhat limits downside risk, our primary concern is that ABFS seems to have less control of its earnings; higher pricing has resulted in lower tonnage, non-asset based growth is not profitable, or likely to be profitable enough, in our view. As a result, we think the shares Underperform."
For an analyst ratings summary and ratings history on Arkansas Best click here. For more ratings news on Arkansas Best click here.
Shares of Arkansas Best closed at $16.26 yesterday.
Analyst, Anthony P. Gallo, said, "ABFS reported results that were well below expectation even after adjusting for several "one-time" factors. We lower our 2012 EPS forecast to a loss of $0.08 from $0.96 and for 2013E we lower to $0.53 from $1.48...While we think book value somewhat limits downside risk, our primary concern is that ABFS seems to have less control of its earnings; higher pricing has resulted in lower tonnage, non-asset based growth is not profitable, or likely to be profitable enough, in our view. As a result, we think the shares Underperform."
For an analyst ratings summary and ratings history on Arkansas Best click here. For more ratings news on Arkansas Best click here.
Shares of Arkansas Best closed at $16.26 yesterday.
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