RBC Capital Markets raised its price target on TFI International (TFII.TO, TFII) to $171 from $158.

Analyst Walter Spracklin maintained an Outperform rating on shares of the Canadian transport and logistics company following its Q2 results.

"The significant rise in truck rates (particularly in TL) is having a pronounced and immediate effect on margins; and we see further upside when pricing within the company's LTL division follows suit (which we expect it will) and powerful operating leverage should volumes improve (which we expect as well)," the analyst said in a note to clients.

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