Old Dominion price target raised to $376 from $340 at Citi

Citi raised the firm’s price target on Old Dominion to $376 from $340 and keeps a Neutral rating on the shares. The analyst updated trucking estimates ahead of Q2 earnings. Estimates are falling for much of Citi’s truck and logistics coverage, as truck pricing remains at a bottom and seasonality disappointed in early Q2, the analyst tells investors in a research note. While June activity improved modestly, full year estimates move lower on softer Q2 estimates and muted near-term expectations, says the firm. With the freight cycle near the bottom, Citi is “closing in on early-cycle.” It believes the end of estimate cuts is near and sees potential for modestly better trends in the second half of 2023.