Old Dominion downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded Old Dominion to Hold from Buy with a price target of $386, down from $475. While the firm sees double digit upside potential for the majority of its rail coverage over the course of next year, its valuation framework implies less upside at Old Dominion. With the stock up 30% move since its upgrade in late April, Deutsche is moving to the sidelines. Old Dominion has always been able to take outsized share in an improving freight environment, but the company will be put to the test in the next upturn as the rest of the industry continues to pivot towards a more service-centric model, the analyst tells investors in a research note.