Citizens Financial Group has reaffirmed its Market Outperform rating on Knight-Swift Transportation Holdings (NYSE: KNX) with a $90 price target, following discussions at the 75th ACT Research Seminar.
The rating and valuation were maintained despite the firm’s review of recent industry consultations with management teams and consultants. Citizens cited an improving environment for truck profitability and rising equipment demand as key drivers supporting its positive outlook. The reiteration comes as the broader trucking sector shows signs of stabilization after a prolonged period of margin pressure.
In addition to Knight-Swift, Citizens assigned Market Outperform ratings to Covenant Logistics (CVLG), FedEx Freight, ArcBest (ARCB) and Wabash National (WNC), each with respective price targets of $60, $190, $180 and $25.
ArcBest reported second-quarter 2026 adjusted earnings per share of $2.38, exceeding Wall Street’s $2.17 estimate, while revenue reached $1.2 billion, up 16% year-over-year. Non-GAAP operating income rose to $74 million from $45 million in the prior-year period. The company’s stock has gained 83% year-to-date, with a market capitalization of $3.03 billion.
BofA Securities, however, maintained a Neutral rating on ArcBest despite upward earnings revisions by eight analysts, citing valuation concerns. The brokerage adjusted its price target to $152 from $173.
The sector’s improving fundamentals were attributed to stronger Asset-Light performance at ArcBest, while Asset-Based results aligned with expectations. Citizens’ outlook reflects incremental adjustments based on seminar insights but did not alter its core thesis on the trucking industry’s recovery trajectory.
