RXO Inc. price target lowered to $31 from $33 at Jefferies

Jefferies lowered the firm’s price target on RXO Inc. to $31 from $33 and keeps a Buy rating on the shares. The private placement financing done at $20.21 puts the new shares at nearly 40% in-the-money, the analyst tells investors in a research note. The price target decrease accounts for the upside capital structure, but the firm reiterates the significant scale and earnings accretion the deal provides.