As previously reported, Wolfe Research downgraded Saia (SAIA), XPO, Inc (XPO), UPS (UPS) and Ryder (R), all to Peer Perform from Outperform with no price targets, as part of the firm updating EPS estimates across its transport coverage ahead of Q4 earnings and offering its 2026 outlook for the group. With the firm’s EPS estimates still mostly below consensus, the firm is “struggling to see much absolute upside for the stocks from here,” especially after a recent rally, says the analyst, who is also shifting to a more cautious near-term view of the less-than-truckload stocks in the group.
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