TFI International downgraded to Hold from Buy at Stifel

Stifel downgraded TFI International (TFII) to Hold from Buy with a price target of $142, down from $158. The company’s operating environment and network turnarounds are challenging, the analyst tells investors in a research note. The firm is encouraged by early progress from TFI post the UPS deal, but says “deeper-rooted problems will likely dampen and delay” less-than-truckload margin improvement and offset improvements in other parts of the business. Moreover, investors that were “tantalized by upside from a potential spinoff seemingly must wait until the market cap grows another 50%,” contends Stifel.