XPO Logistics price target raised to $88 from $68 at Citi

Citi analyst Christian Wetherbee raised the firm’s price target on XPO Logistics to $88 from $68 and keeps a Buy rating on the shares. The analyst increased estimates for the second half of 2023 as well as 2024 and 2025 post the Q2 report. The firm layered in the potential opportunity from Yellow, saying it appears XPO is outperforming in Q3 and has an incremental price opportunity in 2024. Citi expects XPO to further close its multiple gap with Saia and Old Dominion, “resulting in still robust upside potential.”