Old Dominion price target lowered to $185 from $190 at Raymond James

Raymond James analyst Patrick Tyler Brown lowered the firm’s price target on Old Dominion (ODFL) to $185 from $190 and keeps an Outperform rating on the shares. Raymond James continues to see durability in its less-than-truckload pricing thesis and believes Old Dominion’s network and industry-leading door ownership position carries more long-term share advantages than the market appreciates, the analyst tells investors in a research note. The firm believes the market continues to fundamentally re-rate the LTL industry higher, particularly as the Street comes to understand the durability of pricing and the moat of LTL networks.