Ken Hoexter, an analyst from Bank of America Securities, reiterated the Buy rating on Saia (SAIA – Research Report). The associated price target was lowered to $484.00.
Ken Hoexter has given his Buy rating due to a combination of factors that highlight Saia’s strong performance and growth potential. The company reported first-quarter volumes that exceeded expectations, with February tons per day increasing by 12.2% year-over-year, which is above the initial target. This growth was driven by higher weight per shipment, which also surpassed projections, indicating robust operational efficiency.
Additionally, Saia’s strategic expansion through the opening of new terminals has contributed to its above-peer growth in tons per day. Despite the challenging freight environment, Saia has managed to capture market share, supported by solid contract renewal gains. Although there are concerns about market conditions, the company is positioned for accelerating earnings growth, justifying the Buy rating with a price objective of $484.
In another report released on March 3, Citi also maintained a Buy rating on the stock with a $498.00 price target.
Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SAIA in relation to earlier this year.