UPDATE: Wunderlich Securities Initiates Coverage on Old Dominion Freight Line with Hold Rating, $38 PT
In a report published Wednesday, Wunderlich Securities initiated coverage on Old Dominion Freight Line (NASDAQ: ODFL) with a Hold rating and $38.00 price target.
Wunderlich Securities noted, “We are initiating coverage of Old Dominion Freight Line, Inc. (ODFL) with a Hold rating and $38 target. ODFL is a best-in-class non-union less-than-truckload (LTL) carrier providing regional, inter-regional, and national LTL service. The company's strong service levels, pricing discipline, and technology-embedded culture have driven strong market share gains and industry-leading margins over the last five years. Management is targeting market share growth from 6% to 10% over the next 3-4 years by building land density through increased customer penetration. Our near-term caution rests with decelerating tonnage and pricing trends due to a weak macro backdrop, which is likely to translate into slower margin expansion and earnings growth.”
Old Dominion Freight Line closed on Tuesday at $33.05.
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Tags: Wunderlich Securities