UBS downgraded TFI International (TFII) to Neutral from Buy with a price target of $107, down from $163. The firm says its core thesis of less-than-truckload margin expansion is no longer intact. UBS no longer has visibility to a path of significant margin improvement in their TFI’s LTL business following the Q4 report. The analyst views share loss a growing concern considering the “much worse than expected” Q4 performance and TFI’s commentary of continuing challenges in the first half of 2025.
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