TFI International price target raised to $150 from $121 at Credit Suisse

Credit Suisse analyst Ariel Rosa raised the firm’s price target on TFI International to $150 from $121 and keeps an Outperform rating on the shares. The firm notes TFI International reported Q2 adjusted EPS of $1.59, down -39% year-over-year, below its $1.81 estimate and Bloomberg consensus of $1.71. CEO Alain Bedard acknowledged that results reflected tough conditions for the freight market, with volumes down across the industry. Revenues missed Credit Suisse’s estimates at every one of TFI’s segments with the exception of its Package & Courier business, which was aided by relatively resilient pricing. The firm expects TFI could be among the biggest winners from the Yellow situation, as its pricing and the challenges it has been facing line up well with the needs of recently separated Yellow customers.