Old Dominion price target lowered to $156 from $162 at Stephens

Stephens lowered the firm’s price target on Old Dominion (ODFL) to $156 from $162 and keeps an Overweight rating on the shares. Tonnage remains challenged in a difficult industry backdrop, but Old Dominion’s operating ratio came in better than expectations and the shipper reported a “solid” Q3 EPS beat, the analyst tells investors. Service remains the differentiator and the firm believes this will become increasingly important as industry volumes improve and competitors see service slip, which would in turn push share to Old Dominion.