Saia price target raised to $410 from $400 at Wells Fargo

Wells Fargo analyst Christian Wetherbee raised the firm’s price target on Saia to $410 from $400 and keeps an Equal Weight rating on the shares. The firm notes August volume surprised to the upside as Saia continues its flurry of new terminal openings. This is a clear positive relative to Wells/consensus Q3 estimates. However, the magnitude is likely limited by ongoing mix/cost headwinds, the firm adds.