Old Dominion Freight Line (ODFL) PT Raised to $226 at BofA Securities

BofA Securities analyst Ken Hoexter raised the price target on Old Dominion Freight Line (NASDAQ: ODFL) to $226.00 (from $213.00) while maintaining a Neutral rating.

The analyst comments "Old Dominion Freight Line posted its mid-1Q26 update with Feb Less-than-Truckload (LTL) Revenues/Day -3.3% year-year, above our -5.8% estimate, and improving from - 6.8% in January to average -5.1% 1QTD (we had forecast -5.7% in 1Q26, now -4.5%). CEO Marty Freeman noted ODFL is encouraged by recent trends and cautiously optimistic on the direction of the domestic economy. We believe firming ISM trends and recent sustained strength in our BofA Truck Shipper Survey signal a potential inflection. February LTL Tons/Day declined 6.8% y-y, improving from -9.6% in January to average -8.2% 1QTD (we had forecast -9.0% in 1Q26, now -8.4%) as Weight/Shipment increased 0.2% (averaging +0.3% 1QTD, we now expect +0.2% in 1Q26, from +0.3%) and Shipments/Day decreased 7.0% (averaging -8.4% 1QTD, we now expect -8.6% in 1Q26, from -9.3%). LTL yields were also above our estimates due to continued pricing discipline. 1QTD Revenue/Hundredweight (cwt) and Rev/cwt ex-fuel were up 3.5% y-y and 4.1% y-y, respectively (we had forecast +3.0% and +3.7%, now +3.7% and +4.2% in 1Q26). This implies Feb all-in Revenue/cwt growth of +3.9% y-y (from +3.1% in Jan) and Revenue/cwt ex-fuel growth of +4.3% y-y (from +3.9% in Jan)."

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