Evercore ISI lowered the firm’s price target on Saia to $523 from $651 and keeps an Outperform rating on the shares after the company posted Q1 EPS of $3.38, coming in below the firm’s forecast and the average Street estimate. Extrapolating recent trends “led to estimates and multiples getting ahead of themselves” and the multiple premium “needs to be reined in,” says the firm, which is lowering its 2024 and 2025 EPS estimates to $14.90 from $16.20 and to $17.42 from $19.14, respectively.
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