Inside the Market’s roundup of some of today’s key analyst actions
“To be clear, we remain positive on the long-term prospects for TFII as we continue to see earnings growth tailwinds for TFII in 2024 and beyond driven by margin improvement in the U.S. LTL segment, and we also believe 2024 will offer a better freight backdrop,” he said in a research note released Wednesday. “Furthermore, we see upside for TFII from additional M&A, both the tuck-in variety as well as potentially a larger scale acquisition.
On Monday after the bell, the Montreal-based company reported revenue of US$1.791-billion, below both Mr. Doerksen’s US$2.036-billion estimate and the consensus forecast on the Street of US$1.8881-billion. Adjusted earnings per share of US$1.59 also missed projections . While management lowered its 2023 EPS guidance to US$6-US$6.50 from US$7-US$7.25, below Mr. Doerksen’s previous estimate of US$6.56 and the consensus of US$6.77, Mr. Doerksen emphasized the new range does not incorporate the recent gains from Yellow Corp.’s failure, noting “there is likely upside to the 2023 guide.”
Mr. Doerksen raised his target for TFI shares to US$183 from US$165. The average target on the Street is currently US$140.21, according to Refinitiv data.* Desjardins Securities’ Benoit Poirier to $192 from $171 with a “buy” rating.
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