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Stifel turned bullish on the trucking company Saia Inc (NASDAQ: SAIA) after a forecast-beating first-quarter print.
The Analyst
Stifel's David Ross upgraded Saia from Hold to Buy and lowered the price target from $83 to $78.
The Thesis
Saia's tonnage grew a strong 12.2 percent year-over-year in Q1, Ross said in a Monday note. The analyst expects double-digit growth in tonnage for at least the next two quarters before tougher comps appear in the fourth quarter.
Saia is growing yields faster than competition, although its margins are still not as good on a sustainable basis, Ross said. The yields reflect a strong pricing environment, he said.
The company is benefiting from better volumes and higher pricing thanks to strong economic momentum and capacity constraints around drivers, the analyst said.
Ross expects margins to continue to improve, but said continued expansion in the Northeast could hurt to some extent.
Shrugging off comparisons with Old Dominion Freight Line (NASDAQ:ODFL), Ross said: "Saia has progressed a little better than peers but not along the same trajectory as Old Dominion."
That story line "less about Saia and more about how remarkable Old Dominion has been as an operator, getting and then extending its lead over the competition for the last decade," he said.
With the stock pulling back about 13 percent in a little over a week, the analyst said "the shares are now worth taking a look."'
Stifel's estimates are well above Street estimates for the next year.
The Price Action
Saia shares have lost about 6.6 percent year-to-date.
Related Links:
Where AI, Data, Blockchain Fit In The Trucking Industry
Amazon's Bid For Whole Foods Has Wide-Spanning Implications For US Transportation Companies
Photo courtesy of Saia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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