Citi Upgrades ArcBest Corp (ARCB) to Buy

November 24, 2020 6:05 AM EST
Get Alerts ARCB Hot Sheet
Price: $76.26 +1.54%

Rating Summary:
    9 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 13 | New: 52
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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."

For an analyst ratings summary and ratings history on ArcBest Corp click here. For more ratings news on ArcBest Corp click here.

Shares of ArcBest Corp closed at $38.11 yesterday.

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