TD Cowen raised the firm’s price target on XPO, Inc to $96 from $87 and keeps an Outperform rating on the shares. The firm noted they came out of the Yellow auction with 28 terminals for $870MM, which should be financed fully with debt while noting XPO is paying up for premium terminals that should enable growth and service quality over the long-term, though dragging on earnings in 2024.
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