ODFL - Old Dominion Freight Line, Inc.

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
165.94
-0.56 (-0.34%)
At close: 4:00PM EDT

165.94 0.00 (0.00%)
After hours: 5:00PM EDT

Stock chart is not supported by your current browser
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Commodity Channel Index

Commodity Channel Index

Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close166.50
Open165.41
Bid165.93 x 800
Ask166.00 x 3100
Day's Range164.20 - 166.42
52 Week Range88.61 - 171.77
Volume720,669
Avg. Volume1,029,056
Market Cap19.572B
Beta (5Y Monthly)1.42
PE Ratio (TTM)21.27
EPS (TTM)7.80
Earnings DateJul 23, 2020 - Jul 27, 2020
Forward Dividend & Yield0.60 (0.36%)
Ex-Dividend DateJun 02, 2020
1y Target Est140.00
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
Near Fair Value
9% Est. Return
Research that delivers an independent perspective, consistent methodology and actionable insight
Related Research
View more
  • Should You Avoid Old Dominion Freight Line, Inc. (ODFL)?
    Insider Monkey

    Should You Avoid Old Dominion Freight Line, Inc. (ODFL)?

    In this article we will take a look at whether hedge funds think Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and […]

  • April The Bottom For Less-Than-Truckload?
    Benzinga

    April The Bottom For Less-Than-Truckload?

    Old Dominion Freight Line (NASDAQ: ODFL) reported a 16.2% year-over-year decline in revenue per day during May as tonnage declined 12.1% and revenue per hundredweight, or yield, moved lower.The less-than-truckload (LTL) carrier reported the May tonnage decline was the combination of a 16.7% decline in shipments, partially offset by a 5.4% increase in weight per shipment.So far through the second quarter of 2020, revenue per hundredweight is down 4.7% year-over-year, 1.4% lower excluding fuel surcharges, compared to the same period in 2019.The May declines are less severe than the 19.3% year-over-year decline in revenue per day during April, which was the result of a 15.3% decline in tonnage (shipments down 22% with weight per shipment 8.5% higher) and a 4.8% decline in revenue per hundredweight, down 2% excluding fuel."Old Dominion's revenue results for May reflect the significant decline in the domestic economy as well as a decrease in fuel surcharge revenue. While economic uncertainty continues, we are encouraged by the gradual improvement in our daily revenue trend throughout the month of May," said President and CEO Greg Gantt.The year-over-year revenue decline is partly due to the precipitous drop in diesel fuel prices, which has resulted in lower fuel surcharge revenue for the carrier. Average diesel prices have moved more than 20% lower in the quarter compared to the same period of 2019. However, the spread between wholesale and retail diesel prices has widened in the second quarter, which presents a tailwind for earnings.Chart: SONAR: DOE.USAGantt's reference to improvement in revenue trends as May progressed was noted by Deutsche Bank AG (NYSE: DB) analyst Amit Mehrotra on a conference call with clients on June 1. The investment firm has been monitoring activity levels at Old Dominion's more than 200 terminal locations using geofencing technology. Mehrotra said the data showed activity around the carrier's facilities improved 21% from the first week of May to the last.Johns Creek, Georgia-based LTL carrier Saia Inc (NASDAQ: SAIA) provided a mid-quarter update on Wednesday, June 3, as well. The carrier reported a 16.2% year-over-year decline in shipments during April as tonnage dropped 12.9%, partially offset by a 4% increase in weight per shipment. May's results were better with shipments down 9.2% and tonnage off 8.8% compared to May 2019.During Mehrotra's conference call, he said the Old Dominion data, which showed activity improving 15% from April to May in the Northeast, would bode well for Saia's May results. Saia has significantly added terminal capacity in the region over the last three years.  In a note out to client's today, Mehrotra said, "To be sure, June will be more telling, but we remain optimistic that LTL volumes (and freight volumes more broadly) bottomed in April and will see a steady improvement, which has positive implications for transportation equities and valuation. In this context we're encouraged by both ODFL and SAIA's update today."Shares of ODFL are up less than 1% in early trading with shares of SAIA moving nearly 3% higher. ArcBest Corp's (NASDAQ: ARCB) shares are up nearly 8% on a rating upgrade from Bank of America Corp (NYSE: BAC).See more from Benzinga * Drayage update: The Future Of EDI (With Video) * APL England Master Charged Following Loss Of Containers * Truckers On Edge As Civil Unrest Rages In Major U.S. Cities(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Old Dominion Freight Line Provides Update for Second-Quarter 2020
    Business Wire

    Old Dominion Freight Line Provides Update for Second-Quarter 2020

    Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload ("LTL") operating metrics for May 2020. Revenue per day decreased 16.2% as compared to May 2019 due to a 12.1% decrease in LTL tons per day and a decrease in LTL revenue per hundredweight. The change in LTL tons per day was attributable to a 16.7% decrease in LTL shipments per day that was partially offset by a 5.4% increase in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight excluding fuel surcharges decreased 4.7% and 1.4%, respectively, as compared to the same period last year.

  • Top Industrial Stocks for June 2020
    Investopedia

    Top Industrial Stocks for June 2020

    The industrial sector includes companies that produce machinery, equipment, and supplies that are used in construction and manufacturing, as well as providing related services. Well-known companies in this group include Honeywell International Inc. (HON), Lockheed Martin Corp. (LMT), and 3M Co. (MMM). The industrial sector also includes companies that provide air transportation services such as American Airlines Group Inc. (AAL).

  • A Tale Of Two Cities And How They're Welcoming Trucking Facilities
    Benzinga

    A Tale Of Two Cities And How They're Welcoming Trucking Facilities

    Trucking facilities tend to leave a sizable footprint in the communities where they operate. Their construction and expansion can become a flashpoint and set off local political battles.Love's Travel Stops is facing some of that opposition in its attempt to build a truck stop in Glendale, Arizona, on what had been farmland. More than halfway across the country, Old Dominion Freight is trying to build a new terminal in Youngstown, Ohio, where it already has one. There, the company appears likely to receive tax breaks to support its efforts.The opponents don't always win. Consider the case about 18 months ago of a new Pilot J travel center in the Los Angeles region, with the prospect of almost 200 new parking spots. It ultimately was approved.In the case of Love's in Glendale, a spokesman for the city said, "Some neighbors in the area have raised concerns. The city has provided opportunities for them to voice concerns at council meetings, public hearings and a neighborhood meeting."In a news report about the dispute carried by KNXV, the local ABC affiliate in Phoenix, a resident named CJ Unzen said of those opposed to the Love's facility that the group is worried about potential crime, safety issues and diesel fumes. "We're not against the trucking industry, we're not against truckers and we're not even against truck stops," she said. "We just do not believe that this is the right location — we do not believe that they should be near any neighborhoods."The area where the former farmland is targeted for the travel center had been in an unincorporated section near Glendale. But it has since been annexed by the city.The story also said city planning staff had made a presentation on the project late last year, identifying the travel center as being in line with current uses in the area, which is near a major highway, Loop 303, which links Interstate 10 west of Phoenix with north-south Interstate 17. "City staff cited the growing number of warehouses and industrial buildings built or planned for the area near where the travel center would be built," the news report said. There is no other truck stop in Glendale. A spokesman for Love's in the story published by KNXV said if the Love's was built, it would be the 13th in the state for the chain.In response to an email from FreightWaves, a Love's spokeswoman said the company did not yet know how many parking spaces would be part of the project. The spokeswoman also confirmed comments in the KNXV story from Love's spokesman Chad Previch, who was quoted as saying that the city has worked with a traffic engineer on a study that is being reviewed by Glendale and the state. He also said Love's would take up 10-12 acres of the site.In Ohio, Old Dominion Freight Line wants to build a second terminal in Warren County in the northwest portion of that state. According to a story in the Tribune Chronicle, the LTL carrier is seeking a property tax break on the site, which would be built in Lordstown. The local newspaper said approval for the tax request "seems likely." It also said the tax break would result in a drop of about 60% in ODFL's tax bill over 10 years. Although the project is slated at $6 million, the size of the tax bill can't be known yet. But the Tribune Chronicleestimated it would be about $27,500 per year compared to the levy if there was no break offered. .Lordstown is the location of a shuttered GM plant that was bought late last year by Lordstown Motors, which has plans to build battery-powered pickup trucks at the site. GM, however, is planning on building a battery plant in Lordstown and the planned ODFL site is adjacent to that, according to the Tribune Chronicle.See more from Benzinga * Getting Crews On And Off Ships And Airplanes * US Rail Volumes Rise On A Week-To-Week Basis * E-commerce Drives Multi-Pronged Expansion At UPS Airlines(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Old Dominion (ODFL) Up 12.4% Since Last Earnings Report: Can It Continue?
    Zacks

    Old Dominion (ODFL) Up 12.4% Since Last Earnings Report: Can It Continue?

    Old Dominion (ODFL) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Old Dominion Slashes Dividend by 35% Amid Coronavirus Woes
    Zacks

    Old Dominion Slashes Dividend by 35% Amid Coronavirus Woes

    Amid coronavirus concerns, Old Dominion (ODFL) cuts quarterly dividend by approximately 35% to 15 cents per share.

  • Old Dominion Freight Line Announces $0.15 Per Share Quarterly Cash Dividend
    Business Wire

    Old Dominion Freight Line Announces $0.15 Per Share Quarterly Cash Dividend

    Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced that its Board of Directors has declared a quarterly cash dividend of $0.15 per share of common stock, payable on June 17, 2020, to shareholders of record at the close of business on June 3, 2020.

  • Are Strong Financial Prospects The Force That Is Driving The Momentum In Old Dominion Freight Line, Inc.'s NASDAQ:ODFL) Stock?
    Simply Wall St.

    Are Strong Financial Prospects The Force That Is Driving The Momentum In Old Dominion Freight Line, Inc.'s NASDAQ:ODFL) Stock?

    Old Dominion Freight Line's's (NASDAQ:ODFL) stock is up by a considerable 12% over the past month. Since the market...

  • Old Dominion Freight Line Announces New $700 Million Stock Repurchase Program
    Business Wire

    Old Dominion Freight Line Announces New $700 Million Stock Repurchase Program

    Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced that its Board of Directors has approved a new two-year stock repurchase program authorizing the repurchase of up to $700 million of its outstanding common stock. This new repurchase program will commence upon the completion, expiration or termination of the current two-year repurchase program, which was announced on May 16, 2019. The Company repurchased $403.0 million of its common stock over the twelve-month period ended April 30, 2020, and has consistently repurchased its common stock through Board-authorized programs since 2014. The remaining authorization under the current repurchase program was $39.2 million as of April 30, 2020.

  • Thomson Reuters StreetEvents

    Edited Transcript of ODFL earnings conference call or presentation 23-Apr-20 2:00pm GMT

    Q1 2020 Old Dominion Freight Line Inc Earnings Call

  • Old Dominion's Conundrum: Revenue Falls As Weight Per Shipment Soars
    Benzinga

    Old Dominion's Conundrum: Revenue Falls As Weight Per Shipment Soars

    A sharp decline in the amount of freight hauled by Old Dominion Freight Line, Inc. (NASDAQ: ODFL) this month has been accompanied by an unexpected shift: a big increase in the weight per shipment.For an LTL carrier like ODFL, that increase can create problems for maintaining its yield as measured by revenue per hundredweight. In its first-quarter earnings, ODFL management cited an increase in weight per shipment as a reason why revenue per hundredweight had deteriorated during the period.In the call with analysts that accompanied the release of the earnings, CFO Adam Satterfield laid out some of the numbers the company has seen in its business, many of which don't logically tie together but are coming out of a market that is unprecedented in the body blows and disruptions it has dished out.In March, Satterfield said, weight per shipment increased 6.3%. From February to March, that translated to a 113-pound gain, with the end result of revenue per hundredweight (cwt) dropping 56 cents. Revenue per cwt for the quarter was $22.68, up from $26.10 in the first quarter of 2019 but below where it had been trending toward after the first two months of the quarter.Satterfield noted in the call that an increase in weight per shipment does not work in perfect reverse correlation to yield. So although LTL pricing at its most basic calculation is set by weight, "It is important to understand revenue per hundredweight is a yield measurement that is not always equivalent to actual pricing," Satterfield said on the earnings call, according to a transcript supplied by SeekingAlpha. "Multiple factors can have a significant impact on revenue per hundredweight," he said, citing average length of haul along with weight.That jump in weight per shipment was historic; ODFL had never recorded one that big previously, Satterfield said. Between June and July 2018, weight per shipment rose 60 pounds. That was in one of the strongest freight markets in history, and LTL carriers were fretting about truckload volumes spilling over into the LTL sector.But according to Satterfield, that increase then led to an increase of 54 cents in revenue per cwt excluding fuel surcharges, as opposed to the drop in revenue per cwt that this jump in weight per shipment created.He also said that increases in weight per shipment are normally seen "in an environment where the economy was really strong," marking the current trend as an outlier.What the LTL carrier is carrying also is a factor in yield, Satterfield said. "Changes in revenue per hundredweight are also not linear with respect to changes in mix," he said.The trend has continued into April, Satterfield said. The average weight per shipment this month is up close to 10% from last April, he said. But that's one of the only barometers that's up; Satterfield said revenue per day is down close to 20% in April compared to April 2019 and shipments are "trending slightly worse than revenue."April shipments are generally 0.9% higher than March, Satterfield said. He estimated they are down about 15% from March.But as negative as the company's shipments have been, ODFL expected worse. "Our actual results have been slightly better than we initially expected when the stay-at-home and similar orders were implemented throughout the country," Satterfield said of the impact on ODFL so far.Responding to a question from an analyst, Satterfield said that "multiple factors" were creating the increase in weight per shipment. Elsewhere in the call, it was noted that about 20% of ODFL's customers were closed. The increase in weight per shipment, Satterfield said, could be nothing more than "which customers remain open and the fact that there's probably more demand for those customers' products."Satterfield compared the decline ODFL is facing with what it dealt with during the start of the great recession in 2008 and 2009. He said the fourth quarter of 2008 dropped about 5% or 6% and then declined 15% to 20% in the first quarter, "and then it kind of got to its worst in the second quarter."During this slowdown, he said, the company did start to see a significant downturn in March, but it was mostly in failing to get the normal bump that ODFL sees at the end of March going into April. "And it may have been a little bit soft, but I think that many customers still had kind of orders in the chain, if you will, and we continue to make some of those deliveries," Satterfield said."But now, and kind of as we anticipated, we saw the rapid drop-off in April, and it's obviously much harder to respond to that type of change and to be able to keep the network of 238 service centers remaining fluid and our service metrics high," Satterfield said, while praising the company's operations team, "and how they've made these adjustments cutting out costs, minimizing empty miles."And although the company did see a sharp downturn at the start of April, Satterfield said the decline had steadied and is not continuing.Satterfield said that although the market is tough, he is not seeing price wars break out. The LTL providers are "disciplined," he said. Additionally, they aren't in position to do a lot of price cutting."When you look at many of the carriers' margins, it's not really in a position to really go out and try to trade price for volume," Satterfield said. "In fact, it's probably better to go out and try to implement more of an increase to try to shore up their profit levels."Photo Credit: Old DominionSee more from Benzinga * Old Dominion Posts Highest 1Q OR Despite Drop In Revenue * YRC Receives Grace Period For Union Benefits Amid 'Sharp Decline' * Trucking Stocks Are Doing About As Miserable As The Broader Stock Market(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Triad freight hauler pays $10M in Covid-19 bonuses as revenues decline slightly in Q1
    American City Business Journals

    Triad freight hauler pays $10M in Covid-19 bonuses as revenues decline slightly in Q1

    Old Dominion revamps business model to adapt to lower volume while paying $10.1 million in bonuses to non-executive employees in appreciation for their effort in responding to the Covid-19 pandemic.

  • Old Dominion Posts Highest 1Q OR Despite Drop In Revenue
    Benzinga

    Old Dominion Posts Highest 1Q OR Despite Drop In Revenue

    Even as business began to slide in the second half of March, and most measurements of volume were down for the three months, Old Dominion Freight Lines (NASDAQ: ODFL) posted a first quarter in which it reached a record operating ratio (OR) for that calendar period.The first quarter's OR was 81.4%, a 60 basis point improvement over 2019's 82%. This occurred even as several barometers of volumes all pointed lower: intercity miles (down 2.3%); total tons (down 2.4%); tonnage per day (down 3.9%); shipments (down 3.6%); and shipments per day (down 5.1%).But revenue barometers were all higher. Revenue per intercity mile was up 2.5%. Other indicators: revenue per hundredweight, up 2.6%; same statistic, excluding fuel, up 3.3%; revenue per shipment, up 3.9%; same statistic, excluding fuel, up 4.6%. In a prepared statement accompanying the earning release, President and CEO Greg C. Gantt said demand for ODFL services "declined in the last half of March, however, due to the widespread effects of the COVID‑19 pandemic on the domestic economy."Wall Street liked the earnings. At approximately 10:45 a.m., ODFL stock was up 7.48%, a gain of $9.59 to $137.84.Weight per shipment was up 1.3% for the quarter but looked to be rising as the quarter ended and rolled into April. "We experienced a significant increase in our average weight per shipment and this trend has also continued into April," Gantt said.  "While this helped offset the decline in shipments per day, an increase in average weight per shipment generally has the effect of reducing revenue per hundredweight," he said. View more earnings on ODFLRevenue per hundredweight is known as a less-than-truckload (LTL) company's yield. For the quarter, it was $22.68, up 2.6% from $22.10. But in an interim report published in early March, ODFL said yield through that point in the quarter was up 4.3%. In turn, yield is impacted by weight per shipment, which was up 1.3%. The interim report had it down 1.5%. In a report after the earnings release, the transportation analysis team at Deutsche Bank led by Amit Mehrotra noted that in its release, ODFL indicated its approach toward pricing was stable. The trend then in yield, Deutsche wrote, "(indicates) this was more mix-driven rather than indicative of deteriorating pricing dynamics."The Deutsche Bank team also wrote, "The company was very clear in the release that decelerating yield is not a reflection of pricing but rather higher weight per shipment (i.e. higher weight = less $ per hundredweight but it is positive for mix/margin)...which we take as a positive indication of industry pricing trends."The improved barometers in revenue per hundredweight and shipment even in the face of declining revenue led the company overall to post net income of $133.1 million for the quarter, down just about $150,000 from the first quarter of 2019. Operating income rose to $183.1 million from $178.4 million. Revenue declined to $987.36 million from $990.78 million in the first quarter of 2019. On the company's earnings call, one analyst said she believed it was the first sequential decline in revenue for ODFL in 20 years. Salaries, wages and benefits rose to $524.4 million, up slightly from $522.3 million. But in a period in which complaints of rising insurance costs are prevalent in every sector of the trucking industry, Old Dominion's "insurance & claims" expense line actually fell to $9.85 million from $11.17 million in the corresponding quarter of 2019.Other notable statistics in the earnings report: * The Deutsche team said the report was better than expectations. "Relative to our expectations...revenue was $13M better while expenses were exactly in line, translating into a $13M/7% underlying EBIT beat."  * ODFL's cash stockpile dropped to $356.97 million from $403.57 million. Its long-term debt is $45 million, up from essentially zero at the end of last year.  * Its capital expenditures for the quarter were $52.2 million. That includes a drop in real estate spending of about $50 million in the first quarter, "as certain projects will be deferred to a future period due to the current trend for shipments." Capital expenditures  in 2020 are expected to be $265 million. * The net income figures do not reflect a $10.1 million bonus paid to drivers as part of a pandemic relief/reward announced in March.See more from Benzinga * YRC Receives Grace Period For Union Benefits Amid 'Sharp Decline' * Trucking Stocks Are Doing About As Miserable As The Broader Stock Market * Less-Than-Truckload Headwinds Continue, Old Dominion Sees Small Decline(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Old Dominion Freight Line Reports First Quarter 2020 Earnings Per Diluted Share Of $1.11
    Business Wire

    Old Dominion Freight Line Reports First Quarter 2020 Earnings Per Diluted Share Of $1.11

    Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced financial results for the three-month period ended March 31, 2020. The financial results for the first quarter of 2020 include $10.1 million of expense related to special employee bonus payments made in March. These bonus payments were provided to non-executive employees in appreciation for their extraordinary effort in responding to the COVID-19 pandemic.

  • Coronavirus has hit the trucking industry ‘like a brick wall’
    Yahoo Finance

    Coronavirus has hit the trucking industry ‘like a brick wall’

    The $800 billion trucking industry scrambles to keep supply chains moving as coronavirus triggers skyrocketing demand for necessities.

  • Industries That Thrive During Recessions
    Investopedia

    Industries That Thrive During Recessions

    With the COVID-19 crisis sending the U.S. economy in a recession, we're looking at what companies managed to thrive during the last recession for guidance.

  • Should Old Dominion Freight Line, Inc.'s (NASDAQ:ODFL) Recent Earnings Worry You?
    Simply Wall St.

    Should Old Dominion Freight Line, Inc.'s (NASDAQ:ODFL) Recent Earnings Worry You?

    Assessing Old Dominion Freight Line, Inc.'s (NasdaqGS:ODFL) past track record of performance is an insightful exercise...

  • Here are the best bets for investors seeking income, according to Goldman Sachs
    MarketWatch

    Here are the best bets for investors seeking income, according to Goldman Sachs

    Investors should expect companies to dial back their dividends just as bond yields are hitting fresh lows

  • Old Dominion Freight Line's First Quarter 2020 Conference Call On The Internet
    PR Newswire

    Old Dominion Freight Line's First Quarter 2020 Conference Call On The Internet

    Old Dominion Freight Line, Inc. (Nasdaq: ODFL) announced today that it plans to release its first quarter 2020 financial results before opening of trading on Thursday, April 23, 2020. The Company will also hold a conference call to discuss its financial results and outlook at 10:00 a.m. (Eastern Time) on Thursday, April 23, 2020.

  • Barrons.com

    Dividends Are Under Siege. Here’s How to Rebuild the Income That Came From Them.

    Investors can create “conditional dividends” by selling downside put options or upside call options on stocks that they own.

  • Completion of downtown building pushed back until 2021
    American City Business Journals

    Completion of downtown building pushed back until 2021

    The opening of the first new building of a much-anticipated downtown development in the Triad has been pushed back. Tim Elliott of Elliott Sidewalk Communities, master planner of The Outfields, a multi-use development behind the outfield wall at BB&T Point stadium in High Point, said the project's first building, 275 North Elm, is "now looking at a first quarter 2021 completion date." The first floor of 275 North Elm is slated to house the Stock + Grain Assembly, a food hall with several vendors offering a variety of fare.

  • 6 Transportation Stocks Growing Earnings
    GuruFocus.com

    6 Transportation Stocks Growing Earnings

    These companies also have a high margin of safety Continue reading...

  • Morgan Stanley: 2 Stocks to Buy (and 1 to Stay Away From)
    TipRanks

    Morgan Stanley: 2 Stocks to Buy (and 1 to Stay Away From)

    The most recent quarter marked the worst first quarter on record for both the S&P 500 and the Dow Jones. For investors in search of a bright spot, investing firm Morgan Stanley sees plenty of compelling opportunities being presented as a result of the market’s COVID-19-driven sell-off. Morgan Stanley's chief U.S. equity strategist Mike Wilson stated, “We like these prices a lot.” He added, “We’ve been scaling back into stocks over the last two, three or four weeks...We think this is probably the best risk-reward we’ve seen for investors in two years.”Heeding Wilson’s advice, we used TipRanks’ database to take a closer look at stocks covered by Morgan Stanley’s analysts in the hope of finding some exciting plays to catch on recent weakness. It turns out that two of the firm’s recently upgraded picks have received significant support from other members of the Street, with the Buy-rated tickers also offering some impressive upside potential. That being said, one name stands out as being an investment to avoid, falling out of favor with Morgan Stanley as well as the broader analyst community. Let's take a closer look.Old Dominion Freight Line (ODFL)Back in 1934, Old Dominion Freight Line opened up shop with only one truck running a 94-mile route in Virginia. Now, the company is one of the top LTL trucking players. Unlike the broader market, the last month has gone easy on this stock, with it down by only 1.6%, and Morgan Stanley is betting that substantial growth is on the horizon.According to analyst Ravi Shanker, who covers the ticker for the firm, even though COVID-19 might make fundamentals worse before they get better, the risk/reward profile for the industry as a whole is becoming more stable. First and foremost, retail supply chains being stretched by consumers getting ready for lockdown has spurred an improvement in trucking data.On top of this, Shanker stated, “While many parts of the manufacturing complex and other industries (airlines, hospitality) may be required to shut down completely in a national lockdown, the supply chains for consumer staples will likely continue to run, putting trucking, at least, toward the defensive end of industry exposure.” Once supply chains resume normal activity, freight transportation will be needed to restock, with this potentially causing tightness in supply and significant rate inflation.Specifically explaining why ODFL represents an exciting play, the four-star analyst said, “We see ODFL as a best-in-class trucking asset and the most defensive company within Freight Transportation. This should protect the multiple better than at peers, in our view... We also note that ODFL arguably has more room to cut costs in a down cycle compared to other fixed cost businesses (like the Rails, for example) since their record margins in recent quarters have been driven by strong yields rather than cost cutting.”As a result, Shanker upgraded the stock from Equal-weight to Overweight, but dropped the price target from $220 to $205. Should this target be met, a twelve-month gain of 56% could still be in store. (To watch Shanker’s track record, click here)With 2 Buys and 6 Holds assigned in the last three months, the word on the Street is that ODFL is a Moderate Buy. Not to mention the $199.50 average price target brings the upside potential to 52%. (See Old Dominion stock analysis on TipRanks)Virgin Galactic Holdings (SPCE)Operating as part of the Virgin Group, Sir Richard Branson’s spaceline and vertically integrated aerospace company wants to expand access to outer space, developing and operating a new generation of space vehicles to achieve this goal. While some investors might see Virgin Galactic’s steep drop in the last month as a negative, Morgan Stanley argues the opposite.Weighing in on the stock for the firm, analyst Adam Jonas wrote in a note to clients that the recent weakness doesn’t change his underlying bullish thesis. Acknowledging that the space tourism space could see a modest decline, he points out that the company maintains a “healthy” cash position, which lands around $500 million. He adds, “... its expected ~$16 million per month cash burn (MSe $180 million in 2020) positions it well to navigate any near-term headwinds.”Going forward, Jonas notes management has stated that each step in the testing process is important and with each mission, continuous refinement, like fatigue dynamics and stress testing, of the spacecraft can be performed for reusability, quick turn-around, cost and safety. Expounding on this, the five-star analyst commented, “We expect this process of continuous refinement will ultimately be measured in years and will continue concurrently with the early commercial missions...”Having said that, given the COVID-19-induced sell-off, there’s a risk that demand for luxury experiences will drop. However, Jonas argues, “All that being said, the company's estimates conservatively assume an under penetrated high net worth (HNW) market (<0.1% of those with $10 million-plus net worth) and the space tourism capacity it expects to deliver has been expected to fall short of demand. Lastly, the story and mission remain unchanged, where the space tourism business serves to incubate the hypersonic P2P opportunity.”With the share price reflecting a space tourism business delay and early credit for the hypersonic opportunity, Jonas joins the bulls, upgrading his call to Overweight. Even though he cut the price target to $24, this still leaves room for 62% growth to the upside. (To watch Jonas’ track record, click here)Looking at the consensus breakdown, 2 Buys and 1 Hold issued in the last three months add up to a Moderate Buy consensus rating. At $29.67, the average price target implies shares could soar 101% in the next year. (See Virgin Galactic stock analysis on TipRanks)Cognex Corporation (CGNX)As for Cognex, Morgan Stanely is much less optimistic when it comes to the maker of advanced machine vision and industrial barcode reader systems, with shares taking a fall in the last month.Writing for the firm, analyst Joshua Pokrzywinski acknowledges that the company has experienced multiple expansion over the last few years as a result of investors deeming the current year as a “trough”. However, he believes that the flattening of demand after the 2017 OLED boom and decline in automotive and consumer electronics markets has delayed a rebound by several years.“Given meaningful weakness in automotive production and demand this year, we see another year of double-digit declines. Weaker consumer demand also weighs on our outlook for consumer electronics for CGNX, though multiple weak years softens the blow,” Pokrzywinski commented.There is some good news. Pokrzywinski thinks Amazon’s COVID-19-driven throughput challenges could fuel significant growth for CGNX in the logistics market. However, he foresees “many other customers to defer spending as cash in traditional retail markets grows extremely tight in the short-term due to both lower consumer spending and the lack of brick-and-mortar foot traffic.”Also concerning, the company saw negative operating leverage on 5% revenue growth in 2018 as well as a 97% decremental margin in 2019. “The company has a small, highly skilled employee base and we believe management will rightfully prioritize retention, but that it will drive a similarly high decremental margin in 2020,” Pokrzywinski explained.In line with his pessimistic take, Pokrzywinski gave CGNX a thumbs down, downgrading the rating from Equal-weight to Underweight. The price target gets a haircut as well, to $36 from $42. The new target puts the downside potential at 15%. (To watch Pokrzywinski’s track record, click here)Turning to the rest of the Street, other analysts take a cautious approach. Based on 1 Buy, 3 Holds and a single Sell published in the last three months, CGNX earns a Hold analyst consensus. In addition, the $44.25 average price target implies modest upside potential of 5%. (See Cognex stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.