XPO Logistics price target lowered to $46 from $70 at Raymond James

Raymond James analyst Patrick Tyler Brown lowered the firm’s price target on XPO Logistics (XPO) to $46 from $70 and keeps an Outperform rating on the shares following the spin-off of its brokerage business RXO Inc. (RXO). The separation simplifies the story at XPO, which should drive multiple expansion in time, Brown tells investors in a research note. The analyst sees a positive risk/reward at current share levels.