Stifel Nicolaus downgraded shares of Saia (NASDAQ: SAIA) from a buy rating to a hold rating in a report issued on Friday. They currently have $33.00 target price on the stock.

“Saia’s management team has done an excellent job, in our opinion, navigating difficult LTL waters over the past five years, and we believe the stock price finally reflects the company’s improved operations. In addition, we do not believe industry volumes will rise much this year – still anticipating only 1%-2% freight growth – so increased density is likely only to be shown seasonally (2Q13 the likely peak), lessening the chance of significant near-term outperformance, in our view.,” Stifel Nicolaus’ analyst wrote.

Shares of Saia traded up 0.59% during mid-day trading on Friday, hitting $32.35. Saia has a one year low of $15.41 and a one year high of $32.31. The stock’s 50-day moving average is currently $27.12. The company has a market cap of $514.6 million and a P/E ratio of 16.58.

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