Old Dominion price target lowered to $160 from $170 at Wells Fargo

Wells Fargo analyst Christian Wetherbee lowered the firm’s price target on Old Dominion (ODFL) to $160 from $170 and keeps an Underweight rating on the shares. Coming off its call back, the firm expects consensus estimates to come down materially for Q4 and 2025. While LTL pricing has held up, tonnage declines are reaching the point of driving an operating leverage unwind, Wells adds. The firm sees 10%-plus estimate risk to 2025.