Stifel Resumes TFI International (TFII) at Buy
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Stifel analyst J. Bruce Chan resumes coverage on TFI International (NYSE: TFII) with a Buy rating and a price target of $110.00.
The analyst commented, "We are resuming coverage of TFI International with a Buy rating and a $110 12-month target price. We believe TFI is an opportunistic consolidator with a savvy management team and exposure to several high-growth freight markets, including ecommerce, last mile, and most recently, Less-than-Truckload (LTL), with its $800mm acquisition of UPS Freight earlier this year. The company employs an "asset-right" strategy, with a balanced mix of on-demand capacity to support service, and non-asset-based logistics products. Free cash flow is a stated priority, and current and projected yield compares favorably with the peer group, even when factoring the higher capital needs of the company's new LTL division, in our view. The company's U.S. listing early last year helped draw investor awareness to the previously under-the-radar stock, but we continue to see potential upside from exposure to high growth asset-light segments, and significant pricing and margin improvement opportunity in LTL."
Shares of TFI International closed at $88.56 yesterday.
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