XPO, Inc price target lowered to $168 from $171 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on XPO, Inc (XPO) to $168 from $171 but keeps a Buy rating on the shares. The firm is updating its model to reflect seasonal pressure in its European Transportation business, reducing its Europe Q4 adjusted EBITDA to $30M from $36M as well as revising its assumed tax rate to 23.5% from 23.0%. BofA remains positive on the company’s improving margins and cash flow backdrop before a freight rebound.