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.
Published first on TheFly
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