Saia price target lowered to $325 from $450 at Benchmark

Benchmark lowered the firm’s price target on Saia (SAIA) to $325 from $450 and keeps a Buy rating on the shares after the company reported “a shockingly bad quarter.” While weather was a factor in the quarter, impacting the operating ratio by 25-75 basis points, the more significant negative impact was the sub-seasonal volume trends in March, the analyst noted. While the firm understands some of the structural concerns impacting the less-than-truckload industry, it thinks the main issue is the weak industrial environment and economic softness that is constraining underlying operating leverage, the analyst added.