RXO Inc. price target raised by $3 at Oppenheimer, here’s why

Oppenheimer analyst Scott Schneeberger raised the firm’s price target on RXO Inc. to $23 from $20 and keeps an Outperform rating on the shares. The firm has recently conducted investor meetings with RXO CEO Drew Wilkerson, CFO Jamie Harris, Chief Strategy Officer Jared Weisfeld, and Senior Market Strategist Kevin Sterling at Oppenheimer’s Industrial Summit. RXO’s cornerstone asset, its truck brokerage business, is a proven industry leader, with advanced technological capabilities that differentiate it within the market. RXO continues to outperform soft brokerage industry volumes and delivered 18% year-over-year Truck Brokerage segment volume growth in Q3, the firm notes. RXO anticipates positive volume growth again in Q4, which implies continued market share gains, Oppenheimer adds.