Saia downgraded to Hold from Buy at Stifel

Stifel analyst J. Bruce Chan downgraded Saia (SAIA) to Hold from Buy with a price target of $306, up from $277. While the firm still views Saia as “a very good company and well-positioned leader in the LTL space,” Stifel adds that Saia’s rapid network expansion strategy has coincided with sluggish volumes, which has recently produced a de-leveraging effect and margin erosion. The firm thinks the valuation opportunity within the next 12-18 months is “reaching saturation,” the analyst added.