Old Dominion downgraded to Neutral at BofA on lagging volume growth

As previously reported, BofA analyst Ken Hoexter downgraded Old Dominion to Neutral from Buy with a price target of $446, up from $443. The firm sees limited upside given the stock’s elevated multiple and the fact that volume growth has lagged BofA’s forecast, the analyst tells investors. However, given the tight less-than-truckload backdrop, the firm remains positive on leading carriers, citing potential earnings leverage as demand returns.