UPDATE: Benchmark Starts Old Dominion Freight Line (ODFL) at Hold
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Benchmark analyst Chris Kuhn initiates coverage on Old Dominion Freight Line (NASDAQ: ODFL) with a Hold rating.
The analyst comments "We are initiating coverage of Old Dominion Freight Line, Inc. (ODFL) with a Hold rating. ODFL is one of the largest North American less-than-truckload carriers. In our view, the LTL industry is an attractive sector within the transportation industry due to stable price increases and rational competition. Among the public LTL’s, ODFL has the lowest operating ratio (OR), highest revenue per shipment and revenue per hundredweight along with other superior operating metrics. We believe the company will continue to produce industry leading metrics. However, we are Hold rated as we believe ODFL’s premium valuation adequately accounts for its superior metrics, particularly as we see other LTL carriers beginning to close the performance gap."
Shares of Old Dominion Freight Line closed at $357.05 yesterday.
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