Wells Fargo Upgrades Old Dominion Freight, Sees 15% Upside
Wells Fargo analyst Allison Poliniak-Cusic upgraded Old Dominion Freight Line Inc (NASDAQ: ODFL) to Overweight from Equal Weight and increased the price target to $300 (an upside of 15%) from $280.
The analyst had the opportunity to visit with management and tour a terminal.
The analyst claims she walked away from the meeting more constructive and confident about the LTL freight environment and ODFL's growth opportunity within that market.
Poliniak-Cusic claimed to have heard about consistent high demand, which was echoed in recent talks with XPO Logistics Inc (NYSE: XPO).
The analyst mentions that despite reports of emerging consumer weakness, ODFL's specific end markets have continued to exhibit strength. Furthermore, she added that ODFL maintains a quality of service that is increasing its share of the LTL market.
According to the analyst, its earnings growth profile should continue to improve on a relative basis. Consequently, she believes an earnings multiple closer to its historical multiple is justifiable.
Price Action: ODFL shares are trading higher by 1.02% at $260.26 on the last check Monday.
Latest Ratings for ODFL
Date | Firm | Action | From | To |
|---|---|---|---|---|
Feb 2022 | Morgan Stanley | Maintains | Equal-Weight | |
Feb 2022 | Raymond James | Maintains | Outperform | |
Feb 2022 | Wells Fargo | Maintains | Equal-Weight |
View More Analyst Ratings for ODFL
View the Latest Analyst Ratings
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
