Shares of XPO (NYSE:XPO) are higher today, which can be attributed to analyst upgrades. Brian Ossenbeck of JP Morgan changed his rating from Hold to Buy while assigning a price target of $52 per share. For reference, his previous price target was $35. In addition, Christian Wetherbee of Citigroup also upgraded the stock from Hold to Buy with a price target of $50, which was raised from $37.
Both analysts appear to be optimistic about the company’s new COO, Dave Bates. Over the past several years, Ossenbeck noted that execution has been suboptimal for the firm’s LTL operation. He then went on to say that appointing Dave Bates adds credibility to XPO’s plans for improving efficiency.
Overall, Wall Street analysts have a consensus price target of $41.50 on XPO stock, implying over 4% downside potential despite a Moderate Buy rating. It’ll be interesting to see if more analysts will join the bullish camp and raise their price targets going forward.
