Wells Fargo upgrades Old Dominion, citing durable freight recovery and raises price target to $200.

Wells Fargo upgraded Old Dominion Freight Line from Underweight to Equal Weight and raised its price target from $165 to $200 ahead of the company's Q1 report. The upgrade is based on signs of a durable freight recovery, including improving demand trends, seasonal patterns returning, and consistent ISM readings above 50. Rising fuel prices are benefiting Old Dominion through fuel surcharges and tightening truckload capacity, supporting its pricing discipline. Despite risks like tariff uncertainty and diesel price volatility, the stock has gained 28% year-to-date and trades near $200, reflecting optimism that earnings have bottomed out.