Benzinga | Nov 30, 2021 04:54PM EST

KeyBanc Bumps Up Old Dominion Price Target By 7%

* KeyBanc analyst Todd Fowler raised Old Dominion Freight Line Inc's (NASDAQ:ODFL) price target to $375 (an upside of 5%) from $350 and maintained an Overweight rating on the shares.

* The analyst anticipates favorable near-term tonnage given a step-up in the two-year stack in October and positive macro indicators; comparisons become more challenging in late Q1 2022, with terminal expansion likely for the first time in a decade.

* Fowler believes pricing momentum is healthy, as evidenced by recent general rate increases, likely offsetting cost inflation.

* Recently, UBS downgraded Old Dominion to Neutral from Buy and raised the price target to $365 from $288.

* Price Action: ODFL shares are trading lower by 0.13% at $356.76 on the last check Tuesday.