QXO initiated with an Outperform at Baird

Baird initiated coverage of QXO (QXO) with an Outperform rating and $32 price target The company’s QXO management has a “proven, repeatable playbook” across multiple public companies and industries, which will lead to significant value creation and outperformance in the shares, the analyst tells investors in a research note. The firm says that while QXO’s valuation is at a premium on near-term estimates, the shares look more reasonably valued given the significant expected growth and margin expansion in the medium and longer term.