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ODFL - Old Dominion Rockets Higher As The Downturn Eases
Old Dominion Freight Line Inc.
I should have known better than to think that valuation was going to be an impediment to further gains with Old Dominion (ODFL), as the shares of this best-in-class less-than-truckload carrier have shot up another 40% since my late April update. Not only has Old Dominion management reported that the company is regaining share, typically marking the start of a cyclical upturn, the business managed further margin improvement despite revenue pressures.
I don’t really know what more I can say about the valuation. The shares trade at a forward PE that is