Susquehanna downgrades trio of truckers to Neutral on valuation, lower estimates

As previously reported, Susquehanna downgraded Saia (SAIA) to Neutral from Positive with a $530 price target, cut XPO, Inc (XPO) to Neutral from Positive with a $155 price target and downgraded Old Dominion (ODFL) to Neutral from Positive with a $195 price target. In September, the firm had shifted its less-than-truckload forecasts and valuations to 2026, but it now cautiously trims LTL volume forecasts for a slower start to 2025, arguing that LTL volumes should pressure estimates and stretch valuations near term. Mid-term, the firm’s 2026 LTL EPS forecasts are down about 10% to about 15% since its mid-September preview, the analyst tells investors.