Saia initiated with a Market Perform at BMO Capital

BMO Capital initiated coverage of Saia with a Market Perform rating and $450 price target. Following a significant, successful, and organically funded network expansion since 2017, less-than-truckload carrier Saia has the critical mass needed to drive volume, density, and pricing growth over the coming years, but the firm’s Market Perform rating is reflective of a muted macro outlook and valuation that is at the high end of the historical range, the analyst tells investors.