Old Dominion initiated with an Equal Weight at Barclays

Barclays analyst Brandon Oglenski initiated coverage of Old Dominion Freight Line with an Equal Weight rating and $375 price target. The firm expects Old Dominion to continue gaining share over the next cycle, but with competition improving service, it expects the company’s volume outperformance to be a bit less than in years past. The company has also become one of the more expensive less-than-truckload carriers for shippers to utilize, suggesting marginal pressure to price ahead of the broader industry, the analyst tells investors in a research note.