XPO Logistics price target raised to $60 from $55 at BMO Capital

BMO Capital raised the firm’s price target on XPO Logistics to $60 from $55 and keeps an Outperform rating on the shares after meeting with its CEO Mario Harik. Following the discussions, the firm has greater conviction in its thesis that XPO is now solely focused on service improvement and reinvesting in the business, which should support market share gains and operating ratio improvement over time and drive valuation multiple expansion. Contract re-pricing has also been strong with XPO successfully implementing mid-single-digit price increases despite a challenging demand environment, the analyst tells investors in a research note.