Saia Stock Falls Nearly 13% After Citigroup Downgrade

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Saia shares dropped nearly 13% this week after Citigroup analyst Ariel Rosa downgraded the trucking company to neutral from buy. Rosa raised his price target to $524 from $516 but expressed concern that investors have become overly bullish on trucking stocks, leading to inflated valuations. The downgrade followed Amazon's announcement that it is significantly expanding its less-than-truckload service, which poses a major competitive threat to the sector. Rosa expects further downward price pressure across trucking and transportation stocks.