Susquehanna downgraded RXO Inc. (RXO) to Negative from Neutral with a price target of $14, down from $19. Truck brokers “face a difficult cyclical path into 2024,” says the firm, which adds that it sees the truckload brokerage model as “the most challenged in transports.” The firm is cutting its second half and 2024 brokerage forecasts, with “the most severe downside” seen for contractually levered C.H. Robinson (CHRW) and RXO, the analyst tells investors.
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