Citi Upgrades ArcBest Corp (ARCB) to Buy
- Wall Street extends rally as economically sensitive sectors bounce
- China Tells Local Authorities to Prepare For a 'Possible Storm' and Prevent Unrest as Evergrande Crisis Unravels - WSJ
- Salesforce (CRM) Raises FY22 Revenue Guidance; Initiates FY23 Revenue
- Oil prices at two-month highs on tight supplies
- IDFA Seen as a 'Real Headwind' for Facebook (FB) but Analysts Remain Positive
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Citi analyst Christian Wetherbee upgraded ArcBest Corp (NASDAQ: ARCB) from Neutral to Buy with a price target of $47.00 (from $35.00).
The analyst commented, "For ArcBest, we see a path to $4-$5 in EPS next year (consensus is $3.64) and are moving our estimate to $4.25, as tonnage accelerates and the company’s inherent operating leverage couples with secularly improving LTL pricing to produce a meaningful step forward in profitability. We are setting a $47 price target, which is conservatively based on a trough 11x multiple on what is likely not peak earnings."
Shares of ArcBest Corp closed at $38.11 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trimble (TRMB) Slips as Morgan Stanley Downgrades to Underweight
- CVS Group Plc. (CVSG:LN) (CVSGF) PT Raised to GBP29 at Berenberg
- Intesa-Sanpaolo SpA (ISP:IM) (ISNPY) PT Raised to EUR2.25 at Berenberg
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Related EntitiesCiti, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!