GXO Logistics price target raised to $67 from $63 at Oppenheimer

Oppenheimer analyst Scott Schneeberger raised the firm’s price target on GXO Logistics (GXO) to $67 from $63 and keeps an Outperform rating on the shares. The firm recently conducted investor meetings with GXO Logistics’ Chief Strategy Officer Kristine Kubacki. The company remains confident in delivering improved organic revenue growth in coming periods. Its new business win growth has remained strong/steady, as it continues to leverage its scale/multi-national scope/advanced automation capabilities to capitalize on secular supply chain outsourcing tailwinds, the firm says. Additionally, transactional volume with existing customers, which has been cyclically pressured, appears to be progressively improving. Oppenheimer is constructive on GXO’s organic growth profile, but modifying forward estimates solely on “pushed-out” Wincanton acquisition integration synergies/forex.