Saia price target lowered to $347 from $353 at BofA

BofA lowered the firm’s price target on Saia (SAIA) to $347 from $353 and keeps a Neutral rating on the shares. The firm notes Saia provided a mid-Q3 update that was generally in line with its full Q3 targets as July tonnage outperformance was then offset by some relative underperformance vs. its targets in August, mainly due to a flatter sequential weight per shipment. Management noted the fluctuation vs. peers in weight per shipment is still related to its mix of customers having larger impact as it becomes a larger national player without full density in any particular market, not a shift in mix.