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Old Dominion Freight Line (NASDAQ:ODFL) was upgraded by Deutsche Bank from a “hold” rating to a “buy” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $59.00 price target on the stock, up from their previous price target of $49.00. Deutsche Bank’s price target would indicate a potential upside of 15.98% from the stock’s previous close.

The analysts wrote, “We have introduced our 2015 EPS estimates and adjusted our 2013-14E earnings estimates to incorporate DB’s House view as we expect slow growth to continue well into 2014. However, this is not a bad environment for earnings growth as cost inflation is generally modest (excluding TL where new government regulations, a tight market for qualified drivers, and more expensive equipment are driving above-average cost increases) and volumes are expanding, albeit at a slower-than-desired pace. DB expects economic growth to accelerate in H2 2014 on the strength of housing, which should help drive freight demand. Our new price targets are derived using a forward P/E multiple on our CY2015E EPS estimates.”

Old Dominion Freight Line (NASDAQ:ODFL) traded up 1.36% during mid-day trading on Monday, hitting $51.56. 170,438 shares of the company’s stock traded hands. Old Dominion Freight Line has a 1-year low of $32.90 and a 1-year high of $51.91. The stock’s 50-day moving average is $49.23 and its 200-day moving average is $45.72. The company has a market cap of $4.443 billion and a P/E ratio of 22.12.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Thursday, October 24th. The company reported $0.70 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.69 by $0.01. The company had revenue of $616.46 million for the quarter, compared to the consensus estimate of $606.75 million. During the same quarter last year, the company posted $0.59 earnings per share. Old Dominion Freight Line’s revenue was up 12.0% compared to the same quarter last year. Analysts expect that Old Dominion Freight Line will post $2.43 EPS for the current fiscal year.

Separately, analysts at Longbow Research downgraded shares of Old Dominion Freight Line from a “buy” rating to a “neutral” rating in a research note to investors on Tuesday, December 10th. They now have a $52.00 price target on the stock. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Old Dominion Freight Line currently has a consensus rating of “Buy” and a consensus price target of $47.57.

Old Dominion Freight Line, Inc (NASDAQ:ODFL), incorporated on March 22, 1999, is a less-than-truckload (LTL) motor carrier providing regional, inter-regional and national LTL service and logistics services.

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