Old Dominion price target lowered to $206 from $210 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on Old Dominion to $206 from $210 and keeps a Neutral rating on the shares after the company posted its mid-Q3 update. With August Less-than-Truckload, or LTL, revenues/day down 5.2% year-year, reversing from up 4.6% in July, the metric averages down 0.3% in Q3-to-date, reflecting continued softness in the economy, notes the analyst. The firm lowered its Q3, 2024, and 2025 EPS estimates 2%, 1%, and 2%, respectively, as it tempers its growth outlook on below-target tons/day.