BofA analyst Ken Hoexter downgraded XPO Logistics (XPO) to Neutral from Buy with a price target of $35, down from $60, citing the spin of truck brokerage segment RXO Inc. (RXO), a deteriorating less-than-truckload, or LTL, environment and its inability to sell its European truck operations. He forecasts XPO shipments per day to fall 3% year-over-year in Q4 and 2023 and thinks a softening operating outlook will pressure earnings growth, Hoexter tells investors.
Published first on TheFly
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