Deutsche Bank Starts XPO Logistics (XPO) at Buy
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Deutsche Bank initiated coverage on XPO Logistics (NYSE: XPO) with a Buy rating and a price target of $60. The stock was also named Top Pick.
Analyst Amit Mehrotra said, "We see 80% upside in shares of XPO Logistics (XPO) as mgmt’s massive transformation enters the harvesting stage and cost actions increasingly drop to the bottom line. All told we see EBITDA increasing 30% by 2018 (vs. 2016), translating to over $300M in incremental cash flow which we estimate is worth over $20 per share in equity value. Most importantly our forecasts do not overly rely on outside/macro factors, with over half of expected growth based on cost actions in various stages of execution. Ultimately we think our price target will prove conservative, as the macro turns and deleveraging accelerates."
Shares of XPO Logistics closed at $32.17 yesterday.
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