RXO Inc. downgraded to Neutral from Buy at Citi

Citi downgraded RXO Inc. (RXO) to Neutral from Buy with an unchanged price target of $33. While the September acquisition of Coyote has given RXO even larger scale and capabilities in freight brokerage, investors have likely priced in the benefits from size, scale, and market visibility among carriers and shippers, the analyst tells investors in a research note. The firm is on the sidelines and looks for management to demonstrate more progress on synergies as well as free cash flow generation at sustained levels.