JP Morgan Maintains Overweight Rating for XPO: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
JP Morgan has reaffirmed its Overweight rating on XPO Logistics (NYSE:XPO), increasing its price target from $122.00 to $144.00. Following recent spinoffs, XPO is transitioning to a pure-play asset-based less-than-truckload (LTL) carrier, with LTL shipping now constituting 60% of its revenue. The company is also considering divesting its European trucking division. XPO's shares have risen 6.32% in the last 24 hours to $130.17, with the new price target representing a potential 10.63% increase.
March 11, 2024 | 5:00 pm
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JP Morgan maintains Overweight rating on XPO, raising price target to $144. XPO's focus on LTL shipping post-spinoffs and potential divestiture of its European division could drive future growth.
The reaffirmation of the Overweight rating and the increase in price target by JP Morgan are strong positive signals for XPO, indicating confidence in the company's strategic direction and growth potential. The recent spinoffs and potential sale of the European division are likely to streamline operations and focus on the more profitable LTL shipping segment, which could enhance profitability and investor sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100