BMO Capital analyst Fadi Chamoun upgraded Old Dominion (ODFL) to Outperform from Market Perform with a price target of $170, down from $172. The company has maintaining “industry-leading service levels, strong pricing power, and ample capacity to capture recovery” during the “freight recession,” the analyst tells investors in a research note. The firm believes Old Dominion is positioned for share upside when the cycle improves given its “robust” free cash flow and increased share repurchases. BMO sees a favorable risk/reward with the shares own 40% in the past year.
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