Old Dominion price target lowered to $350 from $386 at Wells Fargo

Wells Fargo lowered the firm’s price target on Old Dominion to $350 from $386 and keeps an Overweight rating on the shares. March’s weakness was expected and Old Dominion’s outlook was below expectations, the firm notes. That said, April’s yield trends were constructive relative to volume trends, Wells points out. Given Old Dominion’s history through cycles, the firm believes the stock’s reaction seems overdone.