Old Dominion Freight Line (ODFL) PT Raised to $170 at KeyBanc

KeyBanc raised its price target on Old Dominion Freight Line (NASDAQ: ODFL) to $170.00 (from $165.00) while maintaining a Overweight rating after meeting with management. The meetings highlighted favorable industrial end markets and incremental strength in retail, with tight truckload capacity resulting in volume reverting back to LTL.

Over the past 5 years, capex has averaged ~13% of gross revenue, reflecting investments in rolling stock, technology, and terminal expansion. KeyBanc anticipates a similar level of investment near term; however, analyst Todd Fowler expects free cash to improve as operating income increases, and longer term, as growth investment slows.

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