Old Dominion price target raised to $400 from $325 at KeyBanc

KeyBanc analyst Todd Fowler raised the firm’s price target on Old Dominion to $400 from $325 and keeps an Overweight rating on the shares. Near-term results were notably more resilient than expected, with favorable expense control and stable yields more than offsetting tonnage declines, the firm says. Consistent with peers, qualitative commentary was constructive with expectations for sequential improvement in tonnage trends into the spring, and expectations for margins to remain resilient in a softer environment consistent with prior cycles, KeyBanc adds.