RXO Inc. price target lowered to $20 from $22 at TD Cowen

TD Cowen lowered the firm’s price target on RXO Inc. to $20 from $22 and keeps a Market Perform rating on the shares. The firm updated its model to reflect trends including persistent softness in freight markets notably truck brokerage. which leads us to reduce estimates. We continue to expect a trough in 2Q and model a stronger 2H albeit at a slower rate.