JPMorgan lowered the firm’s price target on Old Dominion to $176 from $204 and keeps a Neutral rating on the shares as part of a Q2 earnings preview for the transportation and logistics space. The firm continues to see risk to 2025 consensus estimates across most of the group, which it believes will likely become more relevant in Q2 as the “last hopes for a back-half market recovery continue to fade.” In addition, the recent demand strength could also be viewed with some skepticism in light of factors such as the U.S. elections and tariff risk along with potential labor disruptions in Canada and U.S. East Coast, the analyst tells investors in a research note. In this “Lower for Longer market,” JPMorgan believes a more cautious stance is warranted.
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