UPDATE: Goldman Sachs Downgrades Old Dominion Freight Line (ODFL) to Neutral
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(Updated - August 3, 2021 4:21 AM EDT)
Goldman Sachs analyst Jordan Alliger downgraded Old Dominion Freight Line (NASDAQ: ODFL) from Buy to Neutral with a price target of $281.00.
The analyst comments "We downgrade ODFL to Neutral from Buy following solid 20% share price performance since March 9 and the shares approaching our price target. When we upgraded ODFL the LTL volume recovery was still in earlier stages, and with volumes up sharply in the 2Q (28% YOY) and ODFLs operating ratio at 72.3% (new quarterly best), we just think that the current valuation reflects a meaningful amount of the early cycle upside."
Shares of Old Dominion Freight Line closed at $269.15 yesterday.
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