The Globe and Mail reports in its Thursday edition that Scotia Capital's Konark Gupta believes that tariff uncertainty is more of a threat to the recovery of Canadian transportation stocks than the tariffs themselves. The Globe's David Leeder writes that Mr. Gupta reduced his first quarter and full-year estimates by 2 to 3 per cent and lowered valuation multiples due to macroeconomic risks. Mr. Gupta has reaffirmed his "sector outperform" call for TFI International. Mr. Gupta gave his share target a $43 trim to $150. Analysts on average target the shares at $156.40. Mr. Gupta says in a note: "TFI is trading at 7.3 times EV/EBITDA and 14.1 times P/E, its lowest since 2H/22, but more importantly, a steep discount to peers (weighted average) of 20 per cent and 34 per cent. In addition, TFI offers a more solid FCF yield of 12 per cent as compared to peers. While weak U.S. LTL [less-than truckload] execution in Q4/24 has weighed on investor sentiment and U.S. LTL industry volumes have been declining y/y, we are encouraged by continued strength in U.S. LTL yield (ex-fuel) as well as management's proven ability to turn around operations (we are expecting some results in 2H) and do more acquisitions to offset organic headwinds."