UPDATE: Deutsche Bank Starts GXO Logistics Inc. (GXO) at Buy
- Wall Street closes rollercoaster week sharply lower
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- FDA Votes "No" on Pfizer (PFE) Booster for 16+ Age Group, 2 Yes 16 No
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
Deutsche Bank analyst Amit Mehrotra initiates coverage on GXO Logistics Inc. (NYSE: GXO) with a Buy rating and a price target of $81.00.
The analyst comments "GXO - XPO's former global Logistics business - began trading as a separate company yesterday on the NYSE. In this note, we launch coverage of GXO with a Buy rating and $81 price target, which is a continuation of our positive stance on the company's secular growth prospects pre-spin. Background: Our long-held positive stance on XPO in part reflects growth prospects of the company's Logistics business (now GXO), where the company's capabilities are well-aligned with how supply chains are changing on the back of e-commerce growth. This opportunity is reflected in GXO's growth outlook (+8- 12% top line growth in 2022, more than half of which is attributable to new business wins). Even under conservative valuation parameters, we see solid upside in GXO shares; and in reality we expect nice multiple expansion as sustainability of growth receives greater appreciation from market participants."
Shares of GXO Logistics Inc. closed at $66.38 yesterday.
You May Also Be Interested In
- JPMorgan Starts GXO Logistics Inc. (GXO) at Overweight
- Lenta Ltd. (LENTA:LI) PT Lowered to $3 at Goldman Sachs
- Beijing Thunisoft Corp Ltd (300271:CH) PT Lowered to RMB20.50 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!