Old Dominion price target lowered to $186 from $205 at Citi

Citi lowered the firm’s price target on Old Dominion (ODFL) to $186 from $205 and keeps a Neutral rating on the shares following quarterly results. The firm notes Old Dominion continues to post negative volumes that were roughly in line with expectations, reflective of a still-weak economy. The company’s results reflect its continued playbook of maintaining strong pricing while foregoing lighter freight. Mix improvements and pricing trends suggest modest potential upside to margins/OR for the company, but macro uncertainty and the risk of a deceleration in economic growth could weigh on March volumes, Citi adds.