Old Dominion price target lowered to $205 from $223 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on Old Dominion to $205 from $223 and keeps a Neutral rating on the shares. While Q1 earnings were in line with expectations, the company’s view of Q2 margins and 2024 pricing were “more conservative than anticipated,” the analyst tells investors. Following the report, the firm tempered its growth outlook on yield moderation and sub-seasonal margins and lowered its 2024 and 2025 EPS estimates by 7% and 4%, respectively.