BMO Capital downgraded Old Dominion (ODFL) to Market Perform from Outperform with a price target of $210, down from $214. The stock has risen 17% since June, even though consensus EPS estimates for FY25 have come down by 13%, the analyst tells investors in a research note. BMO believes that the company’s upcoming earnings will see another round of negative revisions as the timeline for a recovery of freight markets is pushed further out, and with multiples trading at record highs, near-term margin of safety for Old Dominion is more limited, the firm added.
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Read More on ODFL:
- Old Dominion increases quarterly cash dividend to 26c per share
- Old Dominion price target lowered to $216 from $228 at Goldman Sachs
- Old Dominion price target raised to $179 from $160 at Wolfe Research
- Wolfe Research sees ‘mixed bag’ across freight, no signs of broad recovery
- Old Dominion initiated with a Neutral at Citi