BofA raised the firm’s price target on Saia to $555 from $501 and keeps a Buy rating on the shares. The firm raised its target despite lowering its Q2 EPS forecast 4% on average at truckload, less-than-truckload, and airfreight carriers in its coverage, citing the elongated freight recession impact on rates, inflationary costs, and margin pressures. The firm sees downside risk to earnings expectations and carriers’ 2024 outlooks, the analyst added in a preview for the trucking group.
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