Raymond James Slashes Old Dominion Freight Line Price Target By 13% - Old Dominion Freight Line (NASDAQ:ODFL)

Raymond James analyst Patrick Tyler Brown lowered the price target for Old Dominion Freight Line Inc ODFL to $265 (an upside of 4%) from $305 while maintaining the Outperform rating on the shares.
The analyst states that the sharp decline in truck spot rates has continued to dominate headlines — as per data, it is estimated that current truck spot rates per mile have fallen back to "peak" 2014 levels.
Brown believes that the truck spot market has been at the epicenter of a well-documented shift from goods to services spending — all while truckload operating costs have increased starkly.
The analyst believes ODFL's high-quality network and industry-leading door ownership position (~95%) carries more value and competitive advantages than the market appreciates.
Brown states that the market continues to fundamentally re-rate the LTL industry higher, especially as pricing proves to be robust and the Street comes to understand the importance of LTL real estate values.
Price Action: ODFL shares are trading higher by 1.84% at $255.51 on the last check Friday.