Old Dominion Freight Line is cut at Evercore ISI after 'massive' 2021 performance
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Evercore ISI downgrades Old Dominion Freight Line (NASDAQ:ODFL) to an In Line rating from Outperform even as it calls the company one of the best it has covered in the sector over the last 20 years.

Analyst Jonathan Chappell: "The company has a tremendous network, pricing system, management team, and a nearly national moat that provides best-in-class growth, margins, and cash flow generation. The earnings outlook, even as supply chain issues ease and pricing turns over in other segments, remains robust, as we forecast EPS growth of 21% in 2022 and 13% in 2023. However, ODFL shares were a massive outperformer in 2021, and the stock is trading at 31.2x our 2022 EPS estimate and at 27.7x our 2023 projection."
It it also noted that even using a 30X multiple on the 2023 EPS estimate only provides a price target that implies less than 10% total return, while any below-consensus pricing or EPS result in 2022 could be punished at the current lofty levels
Shares of ODFL are down 0.44% premarket to $328.73 after running up a more than 60% gain over the last 52 weeks. See the chart.

Analyze all the valuation marks on ODFL.