Old Dominion price target lowered to $170 from $175 at Wells Fargo

Wells Fargo lowered the firm’s price target on Old Dominion to $170 from $175 and keeps an Underweight rating on the shares. The firm notes August tonnage was weaker than our conservative 5%-6% decline target, highlighting market softness. Yields were neutral and, with weak tonnage, suggests a market where price and volume have to be traded off, Wells adds.