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BUZZ-Old Dominion Freight Line falls after August revenue slips, PT cuts
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BUZZ-Old Dominion Freight Line falls after August revenue slips, PT cuts

** Shares of logistics firm Old Dominion Freight Line ODFL.O fall 5.4% to $185.13, set for worst day since April

** Co on Wednesday reported revenue per day decreased 5.2% in August compared with August 2023, citing a 6.1% decrease in LTL (less-than-truckload) tons shipped per day

** However, for quarter-to-date period, LTL revenue per hundredweight, excluding fuel surcharges, increased 4.9% from the same period last year

** August revenue reflects "continued softness in the domestic economy as well as the impact of lower fuel surcharge revenue on our yields" - CEO Marty Freeman

** BMO, Wells Fargo and Baird all cut price target on the stock

** Median price target for ODFL is $205, as per LSEG data, a 4.8% upside to Wednesday's close of $195.64

** Peers J.B. Hunt Transport JBHT.O, FedEx FDX.N and Ryder System R.N all down over 2%, Dow Jones Transport Index .DJT down 1.7%

** ODFL has fallen 8.6% year-to-date, compared with 1.5% loss in the Transport index and 15.7% rise in benchmark S&P 500 .SPX


(Reporting by Lisa Mattackal; Editing by)

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