Old Dominion price target lowered to $195 from $206 at BofA

BofA lowered the firm’s price target on Old Dominion (ODFL) to $195 from $206 and keeps a Neutral rating on the shares after the company reported quarterly results. With revenues down 3% year-over-year, negative fixed cost leverage pressured results, leading to a 72.7% operating ratio, up 210 basis points year-over-year and 30 basis points worse than the firm’s target, the analyst tells investors in a research note. Tthe firm lowered its Q4, 2024, and 2025 earnings per share estimates, but remains Neutral as the company is poised with 30% excess capacity to benefit from a freight rebound, when it occurs.