GXO Logistics price target lowered to $58 from $60 at Goldman Sachs

Goldman Sachs analyst Patrick Creuset lowered the firm’s price target on GXO Logistics to $58 from $60 and keeps a Neutral rating on the shares. The firm states that it continues to forecast lower than targeted medium-term organic growth for the company that is also more in-line with its prior experience of through-cycle growth in Contract Logistics. With 2023 guided at 2-4%, and potentially a challenging first half of 2024 ahead, the current trends support a more cautious view, the analyst tells investors in a research note.