Old Dominion upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo upgraded Old Dominion (ODFL) to Equal Weight from Underweight with a price target of $200, up from $165, ahead of the Q1 report. The firm says the freight recovery “appears resilient” despite higher fuel prices. Old Dominion’s demand trends appear to be improving with the return of seasonality and 50-plus ISM prints for the last three months, the analyst tells investors in a research note. Wells adds that higher fuel prices are boosting less-than-truckload earnings and tightening truckload capacity. It sees Old Dominion’s estimates as biased higher for first time in two years.