GXO Logistics price target lowered to $70 from $78 at Wells Fargo

Wells Fargo analyst Allison Poliniak-Cusic lowered the firm’s price target on GXO Logistics to $70 from $78 and keeps an Overweight rating on the shares. Despite a muted peak and macro concerns heading into 2023, the analyst remains a buyer of GXO as it continues to set itself up with a solid foundation heading into uncertainty. While growth is likely to slow in Q4, she believes GXO’s strong sales pipeline, new business wins and its diverse contract structure will allow it to both grow top line and control costs in the event of a downturn. Furthermore, the analyst views GXO’s scale and execution as key enablers to gain market share in an industry benefiting from secular growth even in an uncertain environment.