** Raymond James lowers PT for Less-than-truckload carrier XPO XPO.N to $130 from $135; for Old Dominion Freight Line ODFL.O to $205 from $209; and for Saia SAIA.O to $461 from $465
** "Expectations for the rebound in demand have continued to be pushed to the right as the industrial markets have offered ... limited optimism for a quick inflection in growth," Brokerage said
** Raymond James says that overall tonnage has come back in line with Industrial Production in 2024 and expect this to hold in the longer-term.
** "With overall weaker-than-expected tonnage out of the LTLs through the first two months of 3Q24, there is certainly a swirling fear around the prospects for someone to 'break rank' and drive irrationality in pricing," it added
** YTD, XPO up 25.5%; ODFL down 4%; SAIA up 0.03%
(Reporting by Abhinav Parmar in Bengaluru)