Saia price target raised to $450 from $330 at Benchmark

Benchmark analyst Christopher Kuhn raised the firm’s price target on Saia (SAIA) to $450 from $330 and keeps a Buy rating on the shares. Saia’s Q2 report last Friday exceeded estimates and showed strong cost execution, effective mix management, solid pricing, and an opportunity to capture volume due to disruption in the industry, the analyst tells investors. The firm, which believes this quarter “once again showcased the success of management’s long-term strategy, which allowed them to take profitable share,” has increased its FY23 and FY24 EPS estimates following the report and sees Saia taking share and increasing yield as they benefit from issues at Yellow (YELL) in this still challenging freight environment.