UPDATE: Wunderlich Securities Reiterates Hold Rating, Raises PT on Old Dominion Freight Line as Superior Value Proposition Delivers Share Gains

In a report published Friday, Wunderlich Securities analyst Nicholas J. Bender reiterated a Hold rating on

, and raised the price target from $57.00 to $63.00. In the report, Wunderlich Securities noted, “Old Dominion (ODFL) posted a solid 2Q14 yesterday morning, as EPS of $0.86 beat the Street forecast of $0.82. Revenue of $703.0 million was likewise ahead of expectations. Old Dominion posted impressive 14.9% yr/yr tonnage growth, as the company continues to consolidate market share in the LTL market via a superior value proposition: on-time service remained at 99% and the cargo claims ratio was flat sequentially at 0.24% These metrics were achieved despite greater than expected headcount additions, particularly among dock workers. The elevated recruitment cost should be offset by enhanced productivity and modest yield growth, though we'd caution that the yield outlook is not as robust as that of some LTL peers. As a result, we maintain our Hold rating.” Old Dominion Freight Line closed on Thursday at $63.48.