XPO Logistics price target raised to $56 from $46 at Evercore ISI

Evercore ISI raised the firm’s price target on XPO Logistics to $56 from $46 and keeps an In Line rating on the shares. The firm is making “large cuts” to Q2 and second half EPS estimates across the surface transportation sector and argues that the absence of a May bottom in TL pricing and LTL tonnage, coupled with intermodal pricing and loads that “remain under extreme duress along with brokerage spreads,” is likely to result in “vast misses” and lowers through this next earnings season.