Saia cut to Underperform at BofA after Q4 shipment update

BofA analyst Ken Hoexter downgraded Saia (SAIA) to Underperform from Neutral with a price target of $215, down from $216, following the company’s Q4-to-date tonnage and shipment update provided last night. Trends are deteriorating faster in November and by a wider margin than his monthly estimates, the analyst tells investors in a research note. Hoexter adds that the update should also have a negative read-through for Saia peers, with XPO Logistics (XPO) also having confirmed that it was furloughing LTL employees at certain terminals.