Evercore starts trucking coverage with preference for Old Dominion, Saia

As previously reported, Evercore ISI analyst Jonathan Chappell initiated coverage of the less-than-truckload, or LTL, and truckload, or TL, industries. He started Old Dominion (ODFL) with an Outperform rating and $235 price target, initiated Saia (SAIA) with an Outperform rating and $205 price target, started Knight-Swift (KNX) with an In Line rating and $42 price target, initiated Schneider National (SNDR) with an In Line rating and $21 price target and started Werner (WERN) with an In Line rating and $41 price target. While LTL stocks are trading at all-time-high multiples, a number of growth opportunities and the eventual recovery of the U.S. industrial economy provides a much longer cyclical runway for this segment, Chappell contends.