Old Dominion price target raised to $416 from $411 at Stifel

Stifel raised the firm’s price target on Old Dominion to $416 from $411 and keeps a Hold rating on the shares. The firm believes inventory destocking bottomed around the middle of the year, but this does not signify volume growth has been robust, instead the LTL industry demand has been “tepid, at best,” the analyst tells investors. While capacity remains in check and pricing should be favorable next year, the firm is focused on names with self-help opportunity and/or deep valuation discounts due to the softness in fundamental demand, Stifel says.