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EQUITY RESEARCH
October 31, 2021 Earnings Update
TFI INTERNATIONAL INC.
Good Progress In Q3; More To Come
Our Conclusion
TFII reported Q3 results that demonstrated the progress it is making in
integrating UPSF as it focuses on driving lower costs and improving revenue quality. When we combine TFII’s internal initiatives with the favourable macro freight environment, we see the company benefiting from significant earnings momentum. We maintain our Outperformer rating and our price target moves from US$123 to US$130.