Old Dominion price target raised to $209 from $198 at Goldman Sachs

Goldman Sachs analyst Jordan Alliger raised the firm’s price target on Old Dominion (ODFL) to $209 from $198 and keeps a Buy rating on the shares after its Q1 earnings beat. The company reported better margin trend vs. the firm’s prior forecasts, but Goldman continues to point to further potential “Blue Sky Upside” should the underlying demand environment see a firmer and definitive inflection, the analyst tells investors in a research note. After multiple quarters of a freight recession, the industry may be getting to the point of demand stabilization that could lead an eventual inflection which would build density, incremental margin as well as the potential for an earnings upgrade cycle, the firm added.