XPO (XPO) PT Lowered to $124 at Evercore ISI

Evercore ISI analyst Jonathan Chappell lowered the price target on XPO (NYSE: XPO) to $124.00 (from $144.00) while maintaining a Outperform rating.

The analyst comments "Unlike the last 2-3 quarters, it’s not as abundantly clear to us that XPO will beat expectations meaningfully for 2Q24. Intra-quarter volume updates have been generally in line with forecasts and the company’s margin commentary was already for sequential margin change to be in line with usual seasonal trends, which is a much better outcome than for that of its peers. As such, there are few obvious catalysts to material upside. Moreover, we’ve tempered our volume growth expectations modestly going forward, with the end result being 5% and 8% respective declines to our full-year 2024 and 2025 EPS estimates. Still, we forecast industry-leading EPS growth for XPO both this year and next, and with the stock’s multiple now back to a discount to the peers, we believe the shares provide a very favorable risk/reward dynamic."

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