The Globe and Mail reports in its Saturday edition that Credit Suisse analyst Ariel Rosa has reaffirmed his "outperform" recommendation for TFI International. The Globe's David Leeder writes that Mr. Rosa slashed his share target by $16 to $121 (all figures U.S.). Analysts on average target the shares at $130.54. Mr. Rosa says in a note: "We did not view TFI as having a particularly rich valuation going into earnings. ... Even with the challenging quarter, TFI's FCF in the quarter was nearly $200-million, up 113 per cent year-over-year. CEO Alain Bedard acknowledged the challenges from the soft demand environment. ... This drove a cut to the company's '23 EPS outlook to $7 to $7.25 from $7.50 to $7.60. Nevertheless, TFI continues making acquisitions, which should continue to deliver compound earnings growth over time. The company's relentless focus on free cash flow generation should give it options to drive earnings through the cycle, both through continued buybacks and with its target for a large acquisition. With the stock now at 14 times our estimate of cyclically depressed 2023 earnings, its valuation appears reasonable, particularly for those investors who can hold through the cyclical downturn."