Saia Inc.: Raise to Buy on demand, yield, service, and margin catalysts; PO to $502

研报英文原文证据摘录

Saia Inc.: Raise to Buy on demand, yield, service, and margin catalysts; PO to $502

Accessible version

Saia Inc.

Raise to Buy on demand, yield, service, and

margin catalysts; PO to $502

Rating Change: BUY | PO: 502.00 USD | Price: 421.29 USD

Attractive opportunity as network monetization kicks in 13 July 2026

We raise our rating on SAIA’s shares to Buy from Neutral as we see increasingly Equity

constructive demand signals from our BofA Truck Shipper Survey (see Survey note),

idiosyncratic service/productivity/yield improvement opportunity, and an attractive

Key Changesvaluation vs peers. SAIA trades at 29x 2027e EPS, nearly 6 turns below top LTL peers

ODFL (35.0x) and XPO (34.0x), and at a wider relative valuation discount (3 turns) vs its (US$) Previous Current

recent history. We believe SAIA is in the early stages of monetizing its national network, Inv. Opinion C-2-9 C-1-9

with share gains and strong operating leverage emerging, and see recent stock pullback Inv. Rating NEUTRAL BUY

(from $488 in early June) as an attractive opportunity. With 20-25% excess capacity in Price Obj. 499.00 502.00

its network, we see SAIA as well positioned to win share into an emerging upcycle, 2026E Rev (m) 3,559.0 3,571.3

particularly amid increased anecdotal reports of private carrier service/capacity strain. 2027E Rev (m) 3,697.8 3,714.7

Lifts GRI, opportunity to narrow margin gap to peers 2028E2026E RevEPS (m) 4,021.611.25 4,040.111.35

Last week, Saia implemented a 7.1% general rate increase, up from its +5.9% increase in 2027E EPS 14.05 14.15

Oct ‘25 (which applies to roughly 25% of its business). The move highlights broader 2028E EPS 15.80 15.90

support from rational LTL industry pricing and a tightening full truckload market, as well