In a report released today, Jason Seidl from TD Cowen reiterated a Hold rating on Old Dominion Freight, with a price target of $159.00.
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Jason Seidl’s rating is based on Old Dominion Freight’s recent performance and market conditions. The company slightly missed expectations in the second quarter, with earnings per share falling short of both Seidl’s and the Street’s estimates. Additionally, the less-than-truckload (LTL) revenues and operating ratio did not meet projections, indicating ongoing challenges in tonnage and demand.
Looking ahead, the company faces continued pressure with flat revenue per day expectations and a potential decline in third-quarter revenues. The management’s cautious stance on seasonality, combined with persistent demand softness and cost pressures, suggests limited visibility and potential margin challenges. These factors contribute to Seidl’s decision to maintain a Hold rating, as the near-term outlook remains uncertain despite the company’s disciplined pricing strategy.
In another report released today, Bank of America Securities also maintained a Hold rating on the stock with a $160.00 price target.