XPO Logistics downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Allison Poliniak-Cusic downgraded XPO Logistics to Equal Weight from Overweight with a price target of $40, down from $45. The firm views 2023 as a transition year, and while capital investment is focused on gaining market share, it is bringing tonnage on to the network with a negative price/cost spread, limiting upside to expectations in the near-term, the analyst tells investors in a research note.