Wells Fargo upgraded XPO, Inc (XPO) to Overweight from Equal Weight with a price target of $110, up from $83, as a new analyst took over coverage of the stock. The firm notes the multiple is a premium to the S&P, but is a discount to the peer’s average, such as Old Dominion (ODFL) and Saia (SAIA). Following the hiring of a COO from XPO’s best-in-class peer and the Yellow bankruptcy, the long-term outlook and confidence in execution has improved considerably, Wells argues.
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