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Piper Jaffray Initiates Coverage on Old Dominion Freight Line (ODFL) with an Underweight; Great Company in a Tough Environment

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November 13, 2009 8:25 AM EST

Piper Jaffray & Co. initiates coverage on Old Dominion Freight Line (Nasdaq: ODFL) with an Underweight rating. Price target $22.

Piper analyst says, "We believe recently lowered consensus EPS expectations still remain too high given our sense that pricing pressure will likely outpace market expectations and incremental equipment and personnel costs at ODFL. Our below-consensus EPS estimates reflect lower yields and additional costs. In addition, we believe overall market uncertainty and at ODFL warrant a lower valuation multiple...Pricing finally tips risk/reward balance in near term. Industry pricing has suffered due to (1) a severe economic downturn and (2) increased pricing competition by a few LTL carriers trying to take incremental market share ahead of YRCW potentially exiting the market. We believe that LTL pricing will likely become incrementally more competitive. Given no real improvement in demand (stabilized), limited visibility, and increased pricing competition we believe ODFL and other LTLs could take a step back in the near term."

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