RXO Inc. initiated with a Market Perform at Raymond James

Raymond James analyst Felix Boeschen initiated coverage of RXO Inc. with a Market Perform rating without a price target. The analyst is "impressed" with RXO’s technology and asset-light business model, but remains "hesitant" on the cyclical freight backdrop. The analyst says industry volume headwinds in key service offerings as well as decelerating contractual truck rates could put pressure "spread dynamics" in RXO’s flagship truck business.