TFI International upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded TFI International to Outperform from Sector Perform with a price target of C$215, up from C$180. The company deserves a premium multiple verses history because it has become structurally more resilient with an increased exposure to the U.S. less than truckload market, which has high entry barriers, and an exit from the U.S. dry van market, which has low entry barriers, the analyst tells investors in a research note. Further, TFI remains quite acquisitive and could even spin off the truckload segment to unlock more value for shareholder, says the firm.