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Benzinga
Benzinga
Business
Akanksha Bakshi

Wells Fargo Upgrades Old Dominion Freight, Sees 15% Upside

  • Wells Fargo analyst Allison Poliniak-Cusic upgraded Old Dominion Freight Line Inc (NASDAQ:ODFLto 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.
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