UPDATE: Deutsche Bank Raises PT on XPO Logistics Following Capital Raise

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on XPO Logistics XPO, and raised the price target from $28.00 to $29.00.

In the report, Deutsche Bank noted, “Last week, XPO announced that it sold 9.6 million shares in a follow-on offering, yielding nearly $210 million (or over $240 million assuming the 1.5 million share over-allotment is exercised) of proceeds that the company will use to fund the acquisition of 3PD, a non-asset last-mile provider. The capital raise leaves the company with plenty of available fire power to fund additional acquisitions as XPO continues to acquire non-asset transport companies. Accordingly, we have increased confidence that management will be able to hit its $4-6 billion top-line target by 2016E given this dry powder. BUY.”

XPO Logistics closed on Wednesday at $22.65.