Wells Fargo initiated coverage of RXO Inc. (RXO) with an Equal Weight rating and $31 price target While the firm sees value creation from the Coyote acquisition, it believes the lingering estimate risk is a headwind and brokerage typically performs better post initial cycle turn, which may be on the near-term horizon. A common theme in Transports has been inflated consensus estimates, and Wells feels RXO shares this risk.
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