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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