Old Dominion downgraded to Hold from Buy at Stifel

Stifel downgraded Old Dominion (ODFL) to Hold from Buy with a price target of $197, down from $209, as part of a Q3 earnings preview. Less than truckload stock valuations have risen back to near historical peaks despite the ongoing freight trough, more challenging volume comps and little momentum from Q3 intra-quarter trends, the analyst tells investors in a research note. The firm says that while Old Dominion is a leading operator which stands to gain share and structurally increase earnings power across cycles, the stock has appreciated to within range of the target price, and a modest cyclical recovery “means additional juice might be hard to squeeze.”