1232 ET - A regulatory-driven squeeze on trucking supply could spark a unusually long-lasting freight up-cycle, according to National Bank of Canada's Cameron Doerksen. He says in a note that "trucking supply reductions are primarily a function of regulatory changes in the U.S. and Canada" and will drive ongoing margin expansion for TFII in the coming quarters with "further potential upside from improving demand, particularly in the industrial sectors to which the company is more exposed." What's more, the supply constraints should fuel a trucking up-cycle that has the potential to be more "long-lasting than has historically been the case," Doerksen says. Shares are 4.7% higher at C$215.40.