GXO Logistics price target raised to $83 from $63 at Susquehanna

Susquehanna raised the firm’s price target on GXO Logistics to $83 from $63 and keeps a Positive rating on the shares. The Q2 earnings reports “should be deeply challenging” for truckload-levered transports, but this will likely mark the bottom, the analyst tells investors in a research note. The firm is gradually shifting “from defense to offense” but trimmed estimates saying pricing pressure has been fiercer than expected for truckload and intermodal. This, along with tepid demand, should drive worse expected results and bring guidance and estimates down further exiting July, writes Susquehanna. It remains cautious on brokers and constructive on global contract logistics providers.