Old Dominion upgraded to Neutral from Underperform at Baird

Baird upgraded Old Dominion (ODFL) to Neutral from Underperform with a price target of $229, up from $204. The firm has an “incrementally more constructive view” on less than truckload tonnage and volumes. It also sees tailwinds for Old Dominion related to fuel surcharge. A number of data points over the last several months indicates an improving industry economy and less than truckload freight environment, the analyst tells investors in a research note. Baird says its concerns regarding Old Dominion’s valuation need to be weighed against the improving fundamental backdrop and the potential for upward estimate momentum.