Old Dominion price target raised to $470 from $430 at Stephens

Stephens analyst Jack Atkins raised the firm’s price target on Old Dominion (ODFL) to $470 from $430 and keeps an Overweight rating on the shares after the company reported “solid” Q2 results and noted an uptick in shipments in recent days. The firm believes that in the weeks ahead, assuming Yellow Corp. (YELL) does indeed shut down, that Old Dominion should see incremental demand and it continues to see an opportunity for Old Dominion and its LTL peers to drive incremental pricing gains in the quarters ahead due to the dislocation caused by this event, the analyst tells investors.