Wolfe Research lowered the firm’s price target on Old Dominion (ODFL) to $138 from $141 and keeps an Underperform rating on the shares. The firm said that transport has been stuck in a prolonged and muted cycle with the ISM manufacturing index below 50 for 36 of the past 38 months, and LTL tonnage has been negative year-over-year for 22 of the past 23 months. That said, truckload spot rates have materially outperformed normal seasonality for the past six weeks, the analyst tells investors in a research note.
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