BofA Bumps Price Target For Saia, ArcBest, Old Dominion

BofA analyst Ken Hoexter raised the price target for Rail & Road companies Saia, ArcBest, and Old Dominion.
Hoexter increased estimates on a carry forward of pricing strength into early 2022 due to higher rates. He mentions that in less-than-truckload mid-quarter updates, industry pricing trends were up mid-teens, ahead of the prior targets, with shipment growth remaining up slightly.
Saia Inc's SAIA price target was raised to $272 (an upside of 2.65%) from $236 and reiterated a Neutral rating on the shares.
ArcBest Corp's ARCB price target was raised to $103 (implying an upside of 20.7%) from $86 and reiterated a Buy rating on the shares. The analyst says ArcBestt benefits from rate strength.
Old Dominion Freight Line Inc ODFL price target was raised to $300 (implying a downside of 2.5%) from $250 and maintained an Underperform rating on the shares due to its valuation.
Price Action: SAIA shares are trading higher by 0.39% at $264.65, ARCB lower by 0.29% at $85.44, and ODFL lower by 0.14% at $307.24 on the last check Tuesday.