GXO Logistics price target lowered to $60 from $65 at Barclays

Barclays lowered the firm’s price target on GXO Logistics to $60 from $65 and keeps an Equal Weight rating on the shares. The company’s Q3 results results came in ahead of modest expectations, accompanied by an increase to the lower end of the prior FY23 earnings guidance, but a sharp reduction in volume and project business is weighing on organic expansion for GXO Logistics’ Q4 while driving the firm’s forecast for the first half of 2024 lower, the analyst tells investors in a research note.