XPO, Inc downgraded to Hold at Stifel on ‘fully baked’ valuation

As previously reported, Stifel downgraded XPO, Inc (XPO) to Hold from Buy with a price target of $124, down from $131. XPO grew rapidly through acquisition and is one of the few transportation roll-ups to execute successfully on integration, the analyst tells investors. However, shares currently trade near peak valuation, which “appears fully baked,” especially in the context of a modest cyclical recovery, the analyst added.