UPDATE: Goldman Sachs Starts GXO Logistics Inc. (GXO) at Neutral

August 5, 2021 3:59 AM EDT
Get Alerts GXO Hot Sheet
Price: $80.17 -2.35%

Rating Summary:
    6 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 4 | Down: 5 | New: 8
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(Updated - August 5, 2021 4:17 AM EDT)

Goldman Sachs analyst Patrick Creuset initiates coverage on GXO Logistics Inc. (NYSE: GXO) with a Neutral rating and a price target of $68.00.

The analyst comments "On our estimates, the stock trades at 19x EV/EBIT, 26x P/E, and 4% FCFy (2023E). This is in line with the average of what we see as its three closest peers in Europe (DPW, DSV, KN). Note that as the only large, pure-play listed CL company GXO is not comparable on a like-for-like basis to European peers DPW, DSV, KN. While the latter’s CL divisions are among GXO’s main competitors, they represent a relatively small part of group earnings. Given the lack of direct comps and to capture the medium-term growth we forecast, we derive our 12-month price target using a DCF. With 2% upside (6% average upside across our coverage), we initiate coverage of GXO with a Neutral rating."

For an analyst ratings summary and ratings history on GXO Logistics Inc. click here. For more ratings news on GXO Logistics Inc. click here.

Shares of GXO Logistics Inc. closed at $70.53 yesterday.

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