Morgan Stanley lowered the firm’s price target on GXO Logistics to $75 from $78 and keeps an Overweight rating on the shares. With a Q3 beat and mixed Q4 guidance, GXO demonstrated its “defensive growth” counter-cyclicality again, the analyst tells investors. There is “no doubt that numbers have held up better than anyone else in the space” for GXO, added the analyst, who ponders whether the outperformance can continue when the upcycle comes as well.
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- GXO Logistics price target lowered to $60 from $65 at Barclays
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