Old Dominion downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Old Dominion (ODFL) to In Line from Outperform with a price target of $196, down from $225. Even though the demand prospects are likely better for the next 12 months than they were 13 months ago, the firm recommends moving back to the sidelines, citing its belief that estimates are “far too high” for Q3 and Q4. In addition, the stock is now back to trading at a premium valuation to the peer group, despite Evercore’s EPS growth forecast for next year coming in at nearly 45% below what the firm forecasts for SAIA (SAIA) and XPO (XPO) on average, the analyst tells investors.