UPDATE: Wunderlich Securities Initiates Coverage on Saia with Hold Rating, $24 PT

In a report published Friday, Wunderlich Securities initiated coverage on Saia

with a Hold rating and $24.00 price target. Wunderlich noted, “We are initiating coverage of SAIA, Inc. (SAIA) with a Hold rating and $24 price target. SAIA is a leading multi-regional non-union less-than-truckload (LTL) carrier. We believe SAIA has ample opportunities to increase its current market share through greater lane density in its network and further geographic expansion. Despite a slow growth recovery in LTL tonnage, SAIA posted a near-historical low operating ratio in 2Q12 at 92.6%. The company's industrial engineering, technology investments, and process enhancements continue to generate operational improvements and cost reductions. We expect further pricing refinements, firming in LTL tonnage, and the benefits of a recent fleet refresh should translate into additional margin expansion.” Saia closed on Thursday at $21.05.