Old Dominion price target lowered to $189 from $193 at JPMorgan

JPMorgan lowered the firm’s price target on Old Dominion to $189 from $193 and keeps a Neutral rating on the shares as part of a mid-quarter update. Less than truckload stocks have given back the majority of their gains since early July when sentiment “quickly reflected a view that the freight recession was nearing an end,” the analyst tells investors in a research note. The firm says August tonnage disappointed expectations and while the industry got through the Yellow comp in July, there is still a tough one left in October with last year’s cyberattack at Estes. Against this backdrop, it favors Saia (SAIA) after earnings expectations were reset last quarter and XPO (XPO) “also looks interesting” after the recent selloff.