Susquehanna upgrades TFI International to Positive, but says not a call on Q1

As previously reported, Susquehanna analyst Bascome Majors upgraded TFI International to Positive from Neutral with a price target of $135, down from $138. The firm says its upgrade is "not a call on the quarter," noting that its Q1 EPS estimates is 4% below consensus and that it sees risk of a full year guidance cut. However, the firm cites the market’s "sustained willingness to look across the valley for LTL-levered businesses," downside protection from consistent free cash flow, shares’ underperformance since a year-to-date peak seen in mid-February and longer-term value creation opportunities