JPMorgan analyst Brian Ossenbeck downgraded XPO Logistics to Neutral from Overweight with a price target of $42, down from $44. The analyst sees a "challenging" 2023 for the company and says FedEx Freight’s earnings miss is a warning sign for XPO. The company’s core less than truckload operation is likely to lag in a weaker freight market while the de-leveraging catalyst to sell European transportation was put on hold last month, Ossenbeck tells investors in a research note.
Published first on TheFly
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