XPO (XPO) PT Raised to $140 at Oppenheimer

Oppenheimer analyst Scott Schneeberger raised the price target on XPO (NYSE: XPO) to $140.00 (from $130.00) while maintaining a Outperform rating.

The analyst commented, "We're reiterating our Outperform rating ahead of 1Q24 results. We view XPO as trending well relative to its 1Q tonnage guidance through the first couple months of the year, and anticipate it delivering y/y yield growth consistent with the 10.3% y/y it delivered in 4Q23. We expect this could lead to >300bps of adjusted operating ratio improvement. While we're maintaining all our 1Q/2024/2025 estimates, our 1QE is modeled slightly more conservatively than the aforementioned expectations. Correspondingly, we believe 1Q adjusted EBITDA could potentially exceed our maintained estimate of $264M (+26% y/y), as well as consensus of $269M (+28%), respectively. Remaining confident that XPO's positioned to deliver upside over 2024E, which should prompt a higher valuation, we're increasing our price target from $130 to $140."

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