Shares of ArcBest (ARCB) plummeted 5.61% in pre-market trading on Monday, as analysts lowered their price targets on the company's stock, citing concerns about its future prospects.
In a research note released on Friday, J.P. Morgan cut its price target on ArcBest to $108 from $117, while Morgan Stanley slashed its target to $145 from $160. Wells Fargo also lowered its price target on the stock to $96 from $105.
The analysts' downgrades reflect concerns about the potential impact of macroeconomic factors on ArcBest's business performance. The transportation and logistics company has been grappling with rising costs and supply chain disruptions, which could weigh on its profitability in the coming quarters.
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