Saia initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Saia with an Equal Weight rating and $445 price target. While Wells likes less-than-truckloads’ pricing/earnings growth through the cycle, the firm believes the group “may lag Transports net tonnage as elevated expectations reset.” Wells feels other sub-sectors, such as Truckload and Intermodal, are more likely to outperform, following a period of depression.