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Stifel analyst J. Bruce Chan upgraded Saia, Inc. (NASDAQ:SAIA) from Hold to Buy and cut the price target from $526 to $475.
The analyst says that SAIA has continued to lose steam following a soft 1Q24 reporting season and a modest earnings miss.
While the analyst acknowledges execution risk in Saia’s mid-term growth and network expansion plans, the company is poised to increase its market share in a secularly growing LTL industry with improving pricing power.
With still-healthy industry-specific tailwinds over the medium term, the analyst likes the fundamental opportunity at Saia, especially with continued share growth opportunity within the growing pie.
Consequently, the analyst revised EPS estimates to $16.06 (from $15.45) in FY24 and $19.50 (from $19.00) in FY25.
The analyst notes this is an attractive entry point for a high-growth, high-quality carrier at the bottom of the cycle, all else equal.
Investors can gain exposure to the stock via ProShares Trust ProShares Supply Chain Logistics ETF (NYSE:SUPL) and Alger Mid Cap 40 ETF (NYSE:FRTY).
Price Action: SAIA shares are up 3.42% at $393.26 at the last check Friday.
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