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One of the most intriguing characteristics of ALGT, in our view, is management’s appetite for prudent, commercial risk taking. And today’s announcement that the company will acquire 19 A319 aircraft through 2015, using a mix of operating (nine) and capital (ten) leases, is yet another illustration of this. Considering management owns ~21% of ALGT stock, investors should feel comfortable that new ventures are not entered into lightly and/or without one ultimate outcome in mind: will this decision create shareholder value? We think this will.
SAIA reported 2Q EPS of $0.72, more than 40% above Cons. and improved about 250% vs. a year ago, driven by 430bp of OR improvement. Following ODFL, SAIA has clearly differentiated itself for consistent financial performance among the public LTLs the past 2 years and we believe it’s the most likely LTL to reach new peak margins this cycle with an ability to grow, build density and expand margins off a relatively low base. We reiterate our OP rating and $29 target price.
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