Old Dominion rises after Argus Research upgrades to 'buy'

Shares of less-than-truckload carrier Old Dominion Freight Line ODFL.O up nearly 2% at about $198 in premarket trading

Argus Research upgrades rating to "buy" from "hold", leaves PT unchanged at $220

Says co is seeing early signs that shipping volumes may soon pick up in the industrial market, which makes up more than half of its customers

Notes that despite the positives, ODFL remains pressured by weak industry volumes and rising competition from full-truckload carriers

Argus Research says competition is intense, with co facing major players like FedEx and UPS, as well as numerous small owner-operators

Nine of 26 brokerages rate the stock "buy" or higher, 13 "hold" and 4 "sell" or lower; their median PT is $203 - data compiled by LSEG

As of last close, ODFL shares up 24% YTD