Upgrades Continue Four more equity analysts raised their targets for TFI International Inc. following the Wednesday release of its quarterly results.
“While Q1 missed our high expectations due to weather and lockdowns, TFII conservatively guided ahead of us and consensus, and remained upbeat on growth outlook with the UPS Freight acquisition closing very shortly, aided by B2C strength, B2B recovery and solid pricing trends,” said Scotia’s Konark Gupta. “Growth could be augmented by M&A as TFII targets several more tuck-ins this year while focusing on integration of larger deals. In addition, it may repurchase more shares given a low leverage ratio and a strong FCF despite high capex. We have raised our estimates to incorporate guidance while expanding our multiples to reflect significant M&A synergies that are expected to continue beyond 2022.”
Mr. Gupta bumped up his target to $120 from $109 with a “sector outperform” rating. to $120 (Canadian) from $109 with a “sector outperform” rating.
Others making changes on Friday are:
* Cormark’s David Ocampo to $125 (Canadian) from $120 with a “buy” rating.
* Cowen and Co. analyst Jason Seidel to US$95 from US$85 with an “outperform” rating.
* Stephens’ Jack Atkins moved to US$114 from US$107 with an “overweight” rating.