The Globe and Mail reports in its Tuesday, Oct. 31, edition that RBC Dominion Securities analyst Walter Spracklin has reaffirmed his "outperform" recommendation and $133 share target for TFI International (all figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $144. Mr. Spracklin says a key to his investment thesis for the Montreal-based company is margin improvement from TForce Freight, its U.S. subsidiary. Mr. Spracklin says in a note: "TFI International noted on its Q3 call a small pickup in TL activity in Q4 q/q, in our view a positive indication that the freight cycle is potentially bottoming. We also believe the truck market is bottoming and point to commentary from KNX that it expects capacity to exit the industry at an accelerating pace. We view a bottoming truck market as important to management meeting its preliminary 2024 guidance for EPS of $8. ... TFI shares yield 8 per cent on a FCF basis in our view on trough 2023 earnings, representing solid value. ... The key drivers of TFI shares going forward in our view continue to be acquisitions and margin improvement amid what has been a protracted freight recession."