Susquehanna analyst Bascome Majors raised the firm’s price target on GXO Logistics to $73 from $66 and keeps a Positive rating on the shares. The firm feels there is too much 2024 estimate risk from pricing to be constructive on truckload-related shares. Although they feel good about transport demand into 2024, the chalenge is too much excess truckload capacity. Susquehanna feels good about rails and LTL’s navigating the backssrop of improving demand versus truckload capacity but they don’t have much optimism that carriers, brokers, or intermodal providers can offset margin pressure from pricing.
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