Shares of Quebec-based TFI International Inc. (TFII:TSX) have surged 43 percent since late March, with price target hikes rolling in from major financial institutions including Bank of America Corp., Citigroup Inc., and TD Cowen. The transport company exceeded analyst earnings estimates and issued second-quarter guidance on April 27 that surpassed expectations, triggering a wave of positive analyst actions.
Analyst Optimism on TFI International
TD Cowen analyst Jason Seidl raised his price target to $209 from $177, noting the company's strong balance sheet and its continued emphasis on returning excess free cash flow to shareholders. In a note on April 28, Seidl described the share's current discount to peers as 'unwarranted.' Shares closed Friday at $193.46.
CIBC Capital Markets analyst Kevin Chiang also increased his TFI price target to $221 from $185, citing the earnings and guidance beats. 'The key takeaway from TFII's first-quarter results and earnings call was that it saw strong momentum exiting the quarter,' Chiang said, adding that shipment volumes accelerated in March and continued into April. Revenue per truck was up year over year in the first quarter, though that excluded a fuel surcharge.
Sharp Turnaround from Previous Year
The stock's meteoric rise over the past month represents a sharp turnaround from a year ago, when investors abruptly sold off shares in late February 2025 on news the company planned to move its headquarters to the United States—a decision it quickly reversed. Since then, shares have gained 85 percent. TFI has a 12-month price target of $207.75 based on the calls of 18 analysts, according to Bloomberg.
GFL Environmental: Unduly Punished?
Markets initially gave a thumbs down to GFL Environmental Inc.'s (GFL:TSX) purchase of Secure Waste Infrastructure Corp. (SES:TSX), driving shares down about 13 percent. However, sentiment may be shifting. TD Cowen analyst James Schumm said he was 'warming up' to the deal. 'Critical and difficult-to-replace disposal assets deserve to trade at premium valuations and we think GFL is paying an attractive price despite commodity risk,' he said in a note on May 1. He reiterated his buy rating on GFL and price target of $90, noting the stock is being 'unduly punished' with valuations near all-time lows. Shares closed Friday at $52.36. GFL has a 12-month price target of $72.35 based on 19 analyst calls.
Preparing for a Weaker U.S. Dollar
David Rosenberg, president of Rosenberg Research & Associates, Inc., advises investors to prepare for a weaker U.S. dollar post-conflict. In a note on April 24, he cited worries over U.S. Federal Reserve independence, elevated government deficits, and possibly narrowing interest rate differentials. The currency's impending weakness opens the door for gold and international assets such as emerging market bonds. 'The resumption of the dollar's downtrend reinforces our bullish view on these two asset classes, as their structural trends are set to normalize post-conflict,' he said.
Gold gained 22 percent prior to the start of the war on Feb. 28, though year-to-date bullion is now up about six percent. Rosenberg noted that the fundamentals that drove gold up 65 percent in 2025 remain in place, and the recent pullback is due to 'speculative outflows.' The World Gold Council reported that central banks took advantage of the price pullback to load up on gold in the first quarter. Rosenberg expects a slumping U.S. dollar to boost total returns on emerging market bonds by shrinking the 'local currency debt burden.' He added that other international equities excluding Japan will benefit, as will commodities such as uranium and copper.
Canadian Utilities Look Attractive
Raymond James Financial Inc. associate analyst Theo Genzebu believes utility stocks, including Algonquin Power & Utilities Corp. (AQN:TSX), Emera Inc. (EMA:TSX), Fortis Inc. (FTS:TSX), and Hydro One Ltd. (H:TSX), are well-positioned for continued performance. These stocks collectively gained approximately five percent in the first quarter and six percent year to date. 'We believe that the utilities' share price performance within our coverage continues to hold up well versus other rate-sensitive/cyclical names during this inflationary environment,' Genzebu said in a note on April 28.
Power needs from artificial intelligence data centres drove shares last quarter and will continue to do so this year, he said, advising investors to consider the speed at which utilities can deploy capital investments while maintaining affordability for rate payers. Genzebu has become increasingly constructive on Algonquin, viewing the recent share pullback as 'overdone,' and maintained his price target of $7.25. Shares of Algonquin closed Friday at $8.58. The consensus 12-month price target for Algonquin is $9.30 based on 11 analyst calls.
He raised price targets for the other three utilities: Emera to $75.25 from $74.50, with shares closing Friday at $72.10; Fortis to $80.50 from $78.50, with shares closing Friday at $77.74; and Hydro One to $58 from $57, with shares closing Friday at $58.41. All four utilities pay dividend yields, ranging from 2.3 percent at Hydro One to 4.1 percent at Algonquin and Emera. Fortis shares have a dividend yield of 3.3 percent.
