Stifel analyst J. Bruce Chan downgraded RXO Inc. to Hold from Buy with a price target of $17, down from $20. Market conditions are likely to remain soft for most of this year, so capital may be better deployed in RXO alternatives with more self-help, or with more fundamental market mispricing, Chan tells investors in a research note. The analyst still sees RXO as a well-managed, market share winner, within a growing truck brokerage market, but he’s "happy to wait patiently on the sidelines for a more attractive entry point, or a clear sign of market inflection."
Published first on TheFly
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