What Will The Effects of a BofA Merrill Downgrade Be For Old Dominion (NASDAQ:ODFL) Shares?


Old Dominion (NASDAQ:ODFL) Receives a Downgrade

BofA Merrill lowered their rating for shares of Old Dominion (NASDAQ:ODFL) from Buy to Neutral in a recent report that was shared with investors and clients on Wednesday, 2 December.

From a total of 13 analysts covering Old Dominion Freight Line (NASDAQ:ODFL) stock, 11 rate it a ”Buy”, 0 a “Sell”, and 6 a ”Hold”. This means that 65% of the ratings are positive. The highest target price is $87 while the lowest target price is $68. The mean of all analyst targets is $73.62 with a 26.69% above today’s ($62.95) stock price. Old Dominion Freight Line was the topic of 8 analyst reports since August 3, 2015 according to the firm StockzIntelligence Inc. Citigroup downgraded shares on October 7 to “Neutral” rating. RBC Capital Markets maintained ODFL stock in a recent report from September 23 with “Outperform” rating.

Approximately 452,309 shares of stock traded hands. Old Dominion Freight Line (NASDAQ:ODFL) has declined 13.43% since April 29, 2015 and is downtrending. It has underperformed by 13.23% the S&P500.

Old Dominion Freight Line, Inc. is a less-than-truckload (LTL) motor carrier providing regional, inter-regional and national LTL service and logistics services. The company has a market cap of $5.35 billion. In addition to its LTL services, it offers a range of services including international freight forwarding, ground and air expedited transportation, container delivery, truckload brokerage, supply chain consulting, warehousing and consumer household pickup and delivery. It has 17.85 P/E ratio. The Company’s infrastructure allows it to provide next-day and second-day service within each of its six regions covering the continental United States, as well as inter-regional and national service between these regions.

According to Zacks Investment Research, “Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier transporting primarily less-than-truckload shipments of general commodities, including consumer goods, textiles and capital goods to a diversified customer base.” Get a free copy of the Zacks research report on Old Dominion Freight Line (ODFL).