TFI International price target lowered to $88 from $105 at Stifel

Stifel lowered the firm’s price target on TFI International (TFII) to $88 from $105 and keeps a Hold rating on the shares. The firm notes the company reported Q1 adjusted EPS of 79c versus its estimate of 95c and the 92c consensus. Headwinds were present throughout the organization. In LTL, the most material of TFI’s portfolio, incremental changes are underway to address structural concerns, but Stifel thinks those will be even more challenging in a softening and more uncertain backdrop. M&A was a proposed fix to the LTL density issue, and while acquisition multiples are probably cheaper now, the war chest and board resolve are understandably tighter, in the firm’s view.