Saia price target raised to $481 from $479 at JPMorgan

JPMorgan analyst Brian Ossenbeck raised the firm’s price target on Saia to $481 from $479 and keeps an Overweight rating on the shares as part of a mid-quarter update. Less than truckload stocks have given back the majority of their gains since early July when sentiment “quickly reflected a view that the freight recession was nearing an end,” the analyst tells investors in a research note. The firm says August tonnage disappointed expectations and while the industry got through the Yellow comp in July, there is still a tough one left in October with last year’s cyberattack at Estes. Against this backdrop, it favors Saia (SAIA) after earnings expectations were reset last quarter and XPO (XPO) “also looks interesting” after the recent selloff.