TFI International shares ‘close to floor levels,’ says CIBC

CIBC lowered the firm’s price target on TFI International to $172 from $175 and keeps an Outperformer rating on the shares. The freight economy remains stuck in a recession and TFI “is not immune to this,” the analyst tells investors in a research note. However, the firm says the company’s earnings growth is less dependent on a cyclical recovery given the “multiple self-help levers at its disposal.” CIBC continues to have a positive medium- to long-term outlook on TFI and views the current share price as “close to floor levels.”