Susquehanna upgrades Old Dominion on pricing power, selloff

Susquehanna upgraded Old Dominion to Positive from Neutral with a price target of $470, up from $405. The analyst believes less than truckload pricing will remain rational as Yellow’s capacity reenters the market, and would use nearer-term skepticism for longer-term entry points into the logistics and trucking group. Against this backdrop, the firm continues to value LTL earnings at “growth-oriented but below-peak multiples.” It upgraded Old Dominion to Positive, saying the recent selloff have brought the shares closer to their October trough than their December high, offering the long-term entry point it has been waiting “for in one of the highest-quality businesses in transports.”