Raymond James lowers PT for LTL's as demand remains subdued

Saia

18/09/2024 15:08

** 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)
 ((Abhinav.parmar@thomsonreuters.com))