Saia (SAIA) is well positioned to benefit from increasingly "constructive" demand signals from BofA Truck Shipper Survey, BofA Securities said in a Monday note.

The note pointed to service and yield improvement opportunity amid an "attractive" valuation against peers after a recent stock pullback.

"SAIA is in the early stages of monetizing its national network, with share gains and strong operating leverage emerging," the report said.

With 20-25% excess capacity in its network, the note said SAIA can win share into an emerging upcycle amid anecdotal reports of private carrier service/capacity strain.

BofA upgraded the stock to buy from neutral and raised its price objective to $502 from $499.

Price: 430.57, Change: +9.75, Percent Change: +2.32