UPDATE: Deutsche Bank Upgrades Old Dominion Freight Line on 2014 Transport Outlook

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In a report published Monday, Deutsche Bank analyst Justin Yagerman upgraded the rating on
Old Dominion Freight LineODFL
from Hold to Buy, and raised the price target from $49.00 to $59.00. In the report, Deutsche Bank noted, “We have introduced our 2015 EPS estimates and adjusted our 2013-14E earnings estimates to incorporate DB's House view as we expect slow growth to continue well into 2014. However, this is not a bad environment for earnings growth as cost inflation is generally modest (excluding TL where new government regulations, a tight market for qualified drivers, and more expensive equipment are driving above-average cost increases) and volumes are expanding, albeit at a slower-than-desired pace. DB expects economic growth to accelerate in H2 2014 on the strength of housing, which should help drive freight demand. Our new price targets are derived using a forward P/E multiple on our CY2015E EPS estimates.” Old Dominion Freight Line closed on Friday at $50.87.
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Posted In: Analyst ColorUpgradesAnalyst RatingsDeutsche BankJustin Yagerman
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