Evercore ISI analyst Jonathan Chappell downgraded XPO Logistics to In Line from Outperform with a price target of $35, down from $44. The analyst believes XPO’s yield starting point is lower, while relative volume upside is likely to be "capped" by a tough macro backdrop amid "still-elevated" corporate costs. The firm lowered 2023 and 2023 estimates to account for risk associated with the company executing a new LTL strategic plan amid "severe" macro headwinds.
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Published first on TheFly
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Read More on XPO:
- XPO Logistics price target lowered to $38 from $45 at Oppenheimer
- XPO Logistics downgraded to Equal Weight from Overweight at Morgan Stanley
- XPO Logistics downgraded to Equal Weight from Overweight at Wells Fargo
- XPO Logistics downgraded to Hold from Buy at Jefferies
- XPO Logistics price target lowered to $45 from $50 at Cowen