TFI International Faces LTL Headwinds Despite Stronger Freight Trends, RBC Says

11:46 AM EST, 11/02/2026 (MT Newswires) -- TFI International (TFII) faces continued pressure in its US less-than-truckload business from inadequate pricing, weak network density and higher costs, while strong Truckload and Logistics trends offer some support, RBC Capital Markets said in a Friday note. The brokerage said Q3 adjusted earnings per share of $1.67 missed expectations of $1.75, reversing the company's earlier earnings beats in 2026. Fuel and labor cost normalization, along with improving North American freight conditions, could support a recovery into 2027 despite near-term challenges. Management guided for Q4 adjusted EPS of $1.30 to $1.40, well below RBC's prior estimate and consensus of $1.66. The outlook reflects continued strength in Truckload and Logistics. The investment firm cut its Q4 EPS estimate to $1.40 from $1.66 and its 2026 estimate to $5.61 from $5.90. However, it maintained its 2027 and 2028 forecasts at $7.45 and $9.00, respectively. The investment firm said LTL pricing initiatives began gaining traction late in Q3 and into October. RBC maintained its outperform rating on the stock but cut its price target to $117 from $144. TFI International shares were up more than 2% in Monday trading. Price: 95.27, Change: +1.95, Percent Change: +2.09