Old Dominion price target raised to $179 from $160 at Wolfe Research

Wolfe Research analyst Scott Group raised the firm’s price target on Old Dominion to $179 from $160 and keeps an Underperform rating on the shares. West Coast import volumes surged in Q3, leading to the best growth in rail intermodal volumes in the past 13 quarters, but truckload spot rates and less-than-truckload tonnage for most carriers remained muted, and Wolfe continues to see a “mixed bag” across freight with no signs of a broad recovery, the analyst tells investors in a research note. While the East Coast port strike and back-to-back major hurricanes in the Southeast could potentially lead to tighter capacity conditions, based on current trends, Wolfe continues to see significant EPS risk for many of the companies in its coverage looking out to 2025.