Citi lifts Old Dominion rating to 'buy'; shares rise

Shares of less-than-truckload carrier Old Dominion Freight Line ODFL.O rise 2.2% to $154.68 premarket

Citi Research upgrades rating to 'buy' from 'neutral'

Brokerage sees ODFL well positioned to grow market share, leverage its playbook to navigate the current macro environment

But the brokerage cuts PT to $183 from $186, still a 21% upside to the stock's last close

Cites "prolonged freight recession, delay in potential volume benefits from increased domestic manufacturing and cycle inflection"

7 brokerages rate ODFL "buy" or higher, 16 "hold" and 3 "sell" or lower; their median PT is $186 -data compiled by LSEG

As of last close, stock had fallen 14.2% YTD