XPO, Inc (XPO) upgraded to improving from stable at GimmeCredit

Corporate bond research firm Gimme Credit upgraded XPO, Inc (NYSE: XPO) to improving from stable.

Analyst Evan Mann commented: "Our projections look for net leverage to decrease over the near to medium term consistent with the company's goal of reducing net leverage to 1-2x. We raise the credit score to 1 from 0.

"XPO Logistics (XPO) attributes its recent success to its LTL 2.0 strategy laid out in 2021, including targeted North American LTL growth of 6-8% for revenue, 11-13% for adjusted EBITDA, and at least 600 basis points of improvement in the adjusted operating ratio. The divestiture of the European business remains likely over the next few years as market conditions and valuations in Europe improve. These targets, along with a net leverage goal of 1-2x are consistent with the company's long-term objective of becoming a pure-play North America LTL carrier with an investment grade credit profile."

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