Old Dominion price target raised to $290 from $267 at Deutsche Bank

Deutsche Bank analyst Amit Mehrotra raised the firm’s price target on Old Dominion to $290 from $267 and keeps a Hold rating on the shares. The analyst is positive on the outlook for transportation equities in 2023. He estimates the trough in earnings growth will likely be in Q2, followed by a "prolonged period of improving year-on-year growth." This is an important consideration in cyclical investing, as negative revisions closer to the bottom typically translate to higher multiples and higher equity values, Mehrotra tells investors in a research note. His top five picks for 2023, in order of market capitalization, are UPS (UPS), Canadian Pacific (CP), J.B. Hunt (JBHT), Knight-Swift (KNX) and Saia (SAIA).