RXO Inc. initiated with a Buy at BofA

BofA analyst Ken Hoexter initiated coverage of RXO Inc. (RXO) with a Buy rating and $22 price target. RXO, formerly owned by XPO Logistics (XPO) before being spun off, is primarily an asset-light truck brokerage carrier and the fourth largest full Truckload brokerage operator in the U.S. He believes the shares are "attractively valued" at "well below" peer and industry leader C.H. Robinson (CHRW), Hoexter tells investors.