Stifel analyst J. Bruce Chan upgraded XPO, Inc to Buy from Hold with a price target of $120, up from $115. With a weak earnings season in the rearview, a trucking market bottom is likely in and the stock has likely over-corrected, especially in light of the company’s internal productivity management efforts, the analyst tells investors in a research note. XPO’s “healthy” EBITDA beat in Q1 was driven by solid execution on its LTL 2.0 turn-around plan and highlighted by major improvements in service, pricing, cost efficiency, and network optimization over the past two years, the firm added.
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