Citizens Financial Group reiterated a Market Outperform rating and $180 price target for ArcBest Corp (NASDAQ: ARCB) following discussions at the ACT Research 75th Seminar, where industry consultants, management teams and contacts highlighted a pickup in trucking profitability.
The firm also favored Knight-Swift Transportation, Covenant Logistics and FedEx Freight, assigning each a Market Outperform rating with respective price targets of $90, $60 and $190. Wabash National, an equipment provider, received a $25 target under the same rating.
Knight-Swift’s stock has delivered a 56% return over the past 12 months and trades at a P/E ratio of 260. The company reported adjusted earnings per share of $0.63 for the second quarter of 2026, exceeding Benchmark’s estimate of $0.49 and the FactSet consensus of $0.51.
Citizens’ valuation approach combines relative P/E analysis with a discounted peak-cycle P/E model, reflecting expectations of sustained improvement in freight demand and equipment utilization. The Bank of America Truckload Demand Indicator rose to 57.4 from 56.1, though it remains below the historic growth threshold of 60.
Benchmark and Stifel both maintain Buy ratings on Knight-Swift, with Stifel raising its target to $88 from $85. The broader trucking sector sentiment aligns with improving operational metrics and freight pricing dynamics observed during the seminar.
