BUZZ-Wells Fargo lifts Old Dominion to 'equal weight' on strong demand outlook

Reuters04-07 19:32

BUZZ-<a href="https://laohu8.com/S/EOD">Wells Fargo</a> lifts Old <a href="https://laohu8.com/S/D">Dominion</a> to 'equal weight' on strong demand outlook

** Wells Fargo upgrades rating on less-than-truckload $(LTL)$carrier or small freight carrier Old Dominion Freight Line ODFL.O to "equal weight" from "underweight," lifts price target to $200 from $165

** New PT represents a 1% downside from stock's last close

** Shares of the company up 0.2% at about $203 premarket

** Wells Fargo says co well positioned to outperform, supported by improving LTL tonnage, positive manufacturing demand signals, and resilience to high fuel prices

** Adds trucking supply and demand has turned favorable for the first time since 2022, and rising seasonal demand should tighten capacity and drive pricing gains across truckload, intermodal, LTL, and rail in 2026

** Raises 2026 EPS forecast to $5.10 from $4.75

** Nine of 26 brokerages rate the stock "buy" or higher, 13 "hold" and four "sell" or lower; their median PT is $205 - data compiled by LSEG

** As of last close, stock up ~29% YTD

(Reporting by Apratim Sarkar in Bengaluru)

((Apratim.Sarkar@thomsonreuters.com))

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