JPMorgan analyst Brian Ossenbeck downgraded XPO Logistics to Neutral from Overweight with a price target of $42, down from $44. The analyst sees a "challenging" 2023 for the company and says FedEx Freight’s earnings miss is a warning sign for XPO. The company’s core less than truckload operation is likely to lag in a weaker freight market while the de-leveraging catalyst to sell European transportation was put on hold last month, Ossenbeck tells investors in a research note.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on XPO:
- XPO Renews Partnership with Truckers Against Trafficking for 2023
- Oppenheimer Says the S&P 500 Could Surge 15% in 2023 — Here Are 2 Stocks to Bet on It
- XPO Logistics downgraded to Neutral at BofA amid demand deceleration
- XPO Logistics downgraded to Neutral from Buy at BofA
- XPO and Elves & More Deliver Holiday Surprise of 1,400 Bicycles to Children in Northeast Ohio