Morgan Stanley lowered the firm’s price target on GXO Logistics to $70 from $75 and keeps an Overweight rating on the shares. Management highlighted some encouraging signs in 2024 thus far, but the organic revenue growth guidance of “only” 2%-5% is “a long way from the 8%-12% ‘normalized’ level despite a strong pipeline of new business” and “likely doesn’t move the thesis toward either the bull or bear cases,” the analyst tells investors. The market will likely have to wait until the upcycle is in full swing “to see how growthy the story can truly be,” which leaves GXO in the “show me” camp, the analyst added.
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