ArcBest's stock surged 5.07% during intraday trading on Wednesday, marking a significant upward movement for the transportation and logistics company.

The sharp rise appears to be driven by positive analyst action, as UBS raised its price target on ArcBest to $98 from $77. While maintaining a Neutral rating, the substantial increase in the price target likely boosted investor sentiment and contributed to the buying pressure.

According to data from FactSet, analysts have an average overweight rating on ArcBest with a mean price target of $97.42, which aligns with the updated outlook from UBS.