Wells Fargo lowered the firm’s price target on GXO Logistics (GXO) to $60 from $65 and keeps an Overweight rating on the shares. According to Bloomberg a sale appears off the table and management transition begins, as CEO Malcolm Wilson is set to retire, Wells notes. Given a deal premium was in the stock, and the firm sees FX and Wincanton related EPS headwinds, Wells would expect weakness in shares.
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