Citi analyst Christian Wetherbee reinstated coverage of XPO Logistics with a Neutral rating and $42 price target following a period of restriction. While the stock’s valuation "remains compelling," macro headwinds will likely dampen tonnage growth, even with XPO’s easier comps than peers, Wetherbee tells investors in a research note. Looking into 2023, the analyst thinks freight weakness in Q1 could drive earnings misses broadly across the sector, and he’d prefer to "remain cautious ahead of that time frame."
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