Old Dominion downgraded to Neutral from Buy at Citi

Citi analyst Ariel Rosa downgraded Old Dominion (ODFL) to Neutral from Buy with a price target of $216, up from $196. The firm believes “significant optimism” is now priced into trucking stocks. With the share rallies brining valuation multiples to “historically-elevated levels,” Citi is turning more cautious on the truckers. It downgrade four names, saying that “cycle inflection” underway is now largely priced in.