BMO Capital initiated coverage of Old Dominion with an Outperform rating and $210 price target. Old Dominion has “consistently been among the top three performing transport stocks over the past three freight cycles,” notes the analyst, who attributes favorable LTL industry characteristics, a unique, high-performing culture, and strong execution for this performance and as “a powerful formula that supports long-term value creation” when considering the freight cycle having likely bottomed and the recent pullback in valuation.
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