Shares of Saia (SAIA) plummeted 5.05% during Thursday's intraday trading session, as the less-than-truckload (LTL) shipping company faced multiple analyst downgrades and significant cuts to price targets. The sharp decline comes amid growing concerns about the company's growth prospects and valuation.

Deutsche Bank delivered a blow to Saia by downgrading the stock from Buy to Hold and substantially reducing its price target from $438 to $273. This represents a nearly 38% cut in the bank's valuation of the company. Similarly, Stephens downgraded Saia from Overweight to Equalweight and made an even more dramatic adjustment to its price target, slashing it from $515 to $255, a reduction of over 50%.

These downgrades and price target cuts suggest that analysts are becoming increasingly cautious about Saia's future performance and current market valuation. The significant reductions in price targets indicate that the analysts believe the stock may have been overvalued and that its growth trajectory might be slower than previously anticipated. As investors digest this new information, the selling pressure has intensified, leading to the sharp decline in Saia's stock price during the trading session.