Saia, Inc. (SAIA) traded higher (up about 3%) as buy-side attention returned to the LTL group on signs the freight downturn may be easing and that operating leverage could reappear as volumes stabilize. A transports note that has been circulating flagged improving data points and framed Saia’s earnings trajectory as poised for recovery, even as it reset valuation expectations with a $365 price target.

The latest catalyst is analyst commentary rather than a new Saia press release. Evercore ISI was noted as lowering its price target on Saia to $365 from $435 while maintaining an Outperform stance, with the thesis tied to macro and sector signals suggesting the long freight downturn is ending and that an EPS recovery could follow. Separately, in the weeks leading into today’s move, multiple firms raised targets into the $400s range, reinforcing the idea that the market is refocusing on normalization rather than near-term noise.

Saia recently published early-2026 operating metrics showing softness in shipments and tonnage versus the prior year for January and February, which had pressured sentiment in March. With that data now absorbed, today’s uptick suggests investors are leaning toward the view that comparisons get easier and that the company’s expanded network can translate to better profitability as demand improves.

Traders will likely track any additional April operating datapoints, plus incremental sell-side revisions that move consensus 2026 earnings expectations and targets. The next inflection for the stock will be whether pricing remains firm while volumes recover enough to improve the operating ratio, which has been a key swing factor in recent quarters.