Shares of Saia (SAIA) plummeted 5.05% in intraday trading on Thursday, following multiple analyst downgrades and significant price target cuts. The stock's sharp decline comes as Wall Street reassesses its outlook on the less-than-truckload (LTL) shipping company.
Deutsche Bank took a notably bearish stance on Saia, downgrading the stock from Buy to Hold. The firm also dramatically reduced its price target from $438 to $273, representing a substantial 37.7% cut. This significant revision suggests a considerably more cautious view on Saia's growth prospects and valuation.
Adding to the negative sentiment, Stephens also downgraded Saia from Overweight to Equalweight. The firm adjusted its price target even more dramatically, slashing it from $515 to $255 - a 50.5% reduction. These actions by prominent analysts have clearly shaken investor confidence, leading to the substantial sell-off in Saia's stock.
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