Saia (NASDAQ:SAIA) shares rose more than 3% intra-day today after BMO Capital upgraded the company to Outperform from Market Perform, assigning a new price target of $455, citing the company’s resilience and upside potential amid freight market uncertainty.

The firm highlighted Saia’s robust operating model, noting its ability to generate strong operating leverage once freight volumes rebound. Even in a prolonged downturn, BMO believes Saia can defend its earnings thanks to conservative financial leverage and disciplined execution by a seasoned management team.

While the primary risk to the bullish thesis would be an extended period of weak demand coupled with a softer pricing environment, BMO views this scenario as unlikely.

Calling it a quality franchise at a discount, BMO sees this as a timely opportunity to invest in a well-positioned logistics player poised to outperform when market conditions improve.